The board of directors of Talgo held an emergency meeting this Monday afternoon, at 8 p.m., to inform its members of the arrival of a “non-binding expression of interest” from the Czech company Skoda Transportation, accompanied by other Spanish players. This operation, sponsored by the Spanish Government, aims to counteract the bid of the Hungarian consortium Magyar Vagon, which has offered €619 million for 100% of the company and which is not to the liking of Pedro Sánchez’s government. Talgo will inform the Spanish Securities and Exchange Commission (CNMV) of the receipt of this offer before the opening of the market.
Skoda’s proposal, according to several sources, would consist of proposing a partial integration between both companies. For this it would be necessary to have access to the documentation and financial accounts of the Spanish manufacturer -the audit process known as due diligence-, something that for the moment has not been formally requested.
In its integration proposal, no economic offer is detailed. Different informants assure that this operation could not be considered a ‘counter-bid’ as usual, nor would a partial takeover bid be formulated, which is prorated over all the shareholders. Asked about the operation, Skoda declined to comment.
Skoda would not carry out its entry into Talgo on its own. The operation, led by the Presidency of the Government, the Minister of Economy, Carlos Cuerpo, and his counterpart in Transport, Óscar Puente, could be carried out with the help of financial partners that would give sufficient support to the manufacturer to restructure its activity and guarantee its growth in the coming years. Among the names being considered is CriteriaCaixa, the investment arm of La Caixa and the government’s ‘white horse’ in its attempt to guarantee Telefónica’s Spanishness.
