It has been confirmed. The Basque Consortium headed by Sidenor stays with Talgo. Finally, political pressures have cleared the way and the Polish Pesa and India Jupiter Wagons have given up presenting their offers at the certainty that they did not have the approval of the Spanish government, which already vetoed the OPA of the Hungarian Ganz-Mavag group (Magyar Vagon) in the month of March. The commitment of the businessman José Antonio Jainaga has always had the approval of the Executive of Pedro Sánchez, and has added to his offer to the Basque Government, not only with support, but also with public money, and the BBK and vital foundations -actioners of Kutxabank and close to the institutions- to present a solid offer by the company that has finally had the approval of Trilantic, the Talgo owner fund. At the moment, it is a principle of agreement that will have to be formalized from now on.
The Basque offer involves taking 29.76% of the company -not reaching 30% avoiding an OPA -paying 4.15 euros per share, which would be extended to with 0.85 euros more, -the previous offer was in 0.80- This fork is linked to the achievement of certain industrial milestones. This assumes that the final price remains in the 5 euros per title, which was what the company’s owners asked for, because that was the offer of the Hungarian OPA that the government vetoed for strategic reasons. In total, 180 million euros are exceeded, if financial magnitudes are met during the 2027 and 2028 years included in the Talgo Business Plan, of which 155 of million would be paid directly: 45 million will contribute them Sidenor, The same amount with which the Basque Government will contribute, through the Finkatuz Fund, – set to investments to facilitate business roots – and the BBK, respectively. The Vital Foundation would contribute 20 million euros at that initial price.
As sources of Sidenor have indicated the principle according to what has been reached this Friday “and in its case the final agreement must be submitted to the approval of the respective governing bodies of all parties linked to it.” These sources have stressed that “the operation allows the property of a strategic company to be maintained in local hands, which has a toe technology in the railway sector and that it has a great future ahead.”
The confirmation of the news has arrived after a nervous morning, with the advisor Mikel Jauregi waiting for a message on the mobile that confirmed that the agreement was closed. Lehendakari Imanol Pradales himself early in the morning was optimistic about the agreement, but called the “tranquility” waiting to close “some fringes” pending. “Let anyone take anxiety,” he said.
Once the agreement is confirmed, the Lehendakari has valued the news as “a magnificent news for our economy and for industrial employment in Álava and Euskadi.” In addition, he pointed out that it is a “good example of how to align Basque financial capacities to realize strategic industrial projects for our country.” “The offer of the Basque Consortium has demonstrated its ability to compete before third parties and mobilize public and private capital in an industrial commitment of the country,” he insisted.
Along the same lines, the Minister of Industry, Energy Transition and Sustainability has considered that it is a “great news” while “drives the roots of the company, its industrial project for the future and the maintenance of employment. In a moment of uncertainty worldwide, from the Basque Government we bet on giving security and certainty to our companies and citizens. ”
Jauregi stressed that this operation “has culminated in the best possible way to strengthen the industrial development of our country, guaranteeing the roots of a tractor company for Euskadi, based on a solid and future industrial project, which maintains its activity in our land and ensure jobs. ” “With this agreement, all the objectives we propose since the beginning of the operation have been met as a condition to enter the capital of Talgo, and which are the ones that has represented the proposal led by José Jainaga.”
The counselor wanted to highlight “the great privilege that has meant work side by side with a business reference from our country as the president of Sidenor, and has valued that a Basque industrial A strategic project for our country remains in Euskadi. A great entrepreneur with country commitment and industrial vocation. Without its absolute involvement in the process, this operation would not have been possible. ” He stressed that this operation “represents the best example of public-private collaboration as a way to strengthen the Euskadi industry and, with it, the well-being of the entire Basque society. We are clear that the industry is Euskadi’s engine and strength, and what guarantees our high standard of living, generating wealth and employment. The successful operation that has occurred today is a commitment to more and better industry. ”
The Basque Government has turned to getting into Talgo and maintaining its roots in Euskadi. Talgo has one of its most important plants in Rivabelosa, in Álava, where 700 workers work -in all of Spain, the company has about 2,500 direct workers. Hence, the Basque commitment to maintain employment, but also try that the company’s headquarters, which is now in Madrid, return to Euskadi, specifically to Álava. However, the Minister of Industry, Energy Transition and Sustainability, Mikel Jauregi, has pointed out that “things in time” must be done and the decision of the headquarters is something that the shareholders that remain in Talgo would have to accept. “These are issues to be discussed and agree with the Talgo Board of Directors,” he said. He has also stressed that the fact that there is a president of Talgo, Carlos de Palacio Oriol, who has “its roots in Euskadi,” is important. Carlos de Palacio Oriol recently met with the Pradales Lehendakari in Ajuria Enea.
Ramiro González, deputy general of Álava, a territory to which the company could transfer its headquarters, has indicated that the agreement constitutes “an extraordinary news for Álava, involves strengthening our industrial fabric, benefits the whole territory and especially to the Alaves suppliers of Talgo and opens new opportunities for our companies. ” “This operation has a huge symbolism for Álava.” “Talgo is a company with heart and Alava Alma and the return of the decision center to our territory means recovering one of our industrial identity signs,” he said. In addition, he stressed that this project be carried out with the collaboration of the Government and the foundations of Kutxabak. “This collaboration formula is the way to address the important challenges that our companies face at the moment and continue advancing in the strengthening of our industrial fabric,” said the general deputy.
This Friday, before Trilantic’s decision, Talgo counselor José María Oriol Fabra, non -executive vice president with a category of another external one, has presented his “irrevocable” resignation as a member of the Board of Directors of the Spanish Company ” With immediate effects ”, alleging“ personal reasons, ”the company informed the National Securities Market Commission (CNMV). Before, three other counselors had submitted their resignation within the tensions generated in the sales process.
The advisor Jauregi has told how the agreement was forged with Jainaga in a meeting with himself and the lehendakari: “I was very impressed with what he said. And he said, we have a company that we can lose it and in Euskadi we need to make a commitment to the industry that is in our DNA and also make a commitment to roots, and that a type of company like Talgo does not lose it. And he had the personal commitment to say, why don’t we try to do something for this to stay here? From the fact that the sale is confirmed, the process of launching an industrial plan that allows the trains manufacturer will start to give way to its request for orders that adds more than 4,000 million, but that today is not able to move forward due to lack of facilities.
Source: www.eldiario.es
