Jupiter Wagons to submit higher offer for Talgo higher than Sidenor group, looking to acquire more than 30% of shares

Talgo new

Alphavalue/ Divacons | Indian group Jupiter Wagons continues with its plans to launch a takeover bid for Talgo and has hired Lazard and Eversheds Sutherland as advisors, according to sources close to the process, Cinco Días reported. Jupiter Wagons is expected to submit a financial offer higher than that of industrial group Sidenor and seek to acquire more than 30% of Talgo’s capital. Talgo shares rose 1.73% on Friday.

For its part, Sidenor has set a limit of €4 per share for 29.9% of Trilantic, the main shareholder of the railway company. Moreover, a few days ago, it became known that the Polish firm Pesa had hired Société Générale and Baker Mckenzie as advisors for this same process. Although Pesa could initially keep 29.5%, its ultimate goal would be to merge with the Spanish company. Therefore, the objective of both Pesa and Jupiter Wagons would be to take over the 40.2% of Talgo’s capital held by Pegaso, its largest shareholder, a company formed by the Trilantic fund, the Abelló family and some members of the Oriol family.

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