Link Securities | Pesa, the Polish railway manufacturer controlled by Polish Development Fund (PFR), equivalent to the Spanish ICO, is determined to take joint control of the Spanish company Talgo (TLGO), respecting the conditions imposed by the Spanish government in terms of respecting the Spanish nature of the train manufacturer and protecting the local industrial fabric, according to the newspaper Expansión.
Thus, the Polish state investor is willing to agree an alliance with a Spanish partner, an option that leaves the door open to an alliance with Sidenor, the Basque steel group that wants to buy 29% of Talgo’s capital from Trilantic at a price of €4 per share (around €150 million). Pesa has hired the services of Société Générale and the law firm Baker McKenzie to analyse a possible takeover bid for 100% of Talgo’s capital.