Renta 4 | According to press reports, the Basque consortium formed by Sidenor, the Basque government and the BBK and Vital foundations has not formalised its entry into Talgo’s capital within the deadline set, opening a one-month extension to close the deal.
The main problem is obtaining financing to structure the operation since Renfe imposed a €116 million fine on Talgo for delays in the delivery of AVRIL trains.
The possible breakthrough could be achieved with the entry of SEPI into Talgo’s capital.
Assessment: Negative news that adds further uncertainty to the final solution for Trilantic’s exit from the company’s capital.
We reiterate our recommendation to HOLD with a target price of €3.8/share.
