Spain: The steel company Sidenor has sent a letter stating its intention to acquire shares in the rolling stock manufacturer. The news was announced by the Spanish National Securities Market Commission, CNMV. No information was given about the stake Sidenor plans to buy.
On Monday, 21 October, Talgo officially accepted the proposal and decided to “initiate negotiations aimed at analysing a possible transaction that could involve the acquisition of a significant percentage of the Company’s share capital or its entirety”.
Sidenor is Spain’s largest steel company, specialising in the manufacture of rails and other products. The company has three production plants in Spain and subsidiaries in Germany, France, Italy and the UK.
The sale of 100% of Talgo’s shares began almost a year ago. The first offer, worth €620 mln, came from the Hungarian company Ganz-MaVag in a consortium with the state fund Corvinus. This deal, however, was blocked by the Spanish government in August. Škoda Group also expressed interest in a merger with Talgo, but its proposal was also rejected, this time by Talgo itself. The idea of taking over the Spanish manufacturer is now on the agenda of the Polish government.