The multi-faceted operation sponsored by the Government to replace the British fund Trilantic in Talgo’s shareholding is taking shape. This was confirmed by the company late yesterday, when it sent an announcement to the National Securities Market Commission (CNMV) informing of the receipt of a ‘manifestation of interest’ from the industrial group Sidenor, in which it expresses its intention to carry out ‘the total or partial acquisition of the share capital,’ opening the door to the launch of a public takeover bid (OPA) for 100% of the company. Entrepreneur José Antonio Jainaga has chosen to present his offer through Sidenor, the steel company he owns. He intends to acquire up to 29.9% of the capital of the railway builder to avoid having to launch a takeover bid, as it approaches the 30% threshold set by the regulations governing such transactions. The president of Sidenor is expected to offer a price above €4 per share, but he believes that the real value of the company is far from the €5 offered by the Hungarian consortium Ganz-MaVag, whose takeover bid was vetoed by Moncloa citing ‘national security and public order reasons.
In addition to the 29.9% that Sidenor would purchase, there would be just over 10% left to assume in order to replace the current shareholders. This stake will be acquired by the Spanish public administrations, specifically by the State through the State Industrial Participation Company (SEPI) and by the Basque Country through the Finkatuz fund, a financial instrument managed by the Basque Institute of Finance (IVF) controlled by the Basque Government.
