Renta 4 | The Basque consortium’s entry into Talgo is becoming complicated. According to press reports, the acquisition of 29.7% by the Basque consortium formed by Sidenor, the Basque government and the BBK and Vital foundations could be called into question. The Basque Nationalist Party has revealed that the Spanish government has changed the conditions initially agreed and is demanding that the consortium take on half of the £150 million loan that SEPI was going to grant Talgo to cover the £116 million fine for delays in the delivery of the AVE high-speed trains.
Assessment: We consider this to be negative news, which once again delays the Basque consortium’s entry into Talgo’s capital and puts an end to the uncertainty surrounding Talgo’s shareholding change.
We reiterate our recommendation of Under Review.
