The PFR Polish Fund confirms that it will launch an OPA on Talgo's total
The Polish State Fund, owner of the PESA rail manufacturer, has confirmed its interest in Talgo on Saturday with the premise of presenting in the “next days” a proposal that would mean the launch of a public acquisition offer (OPA) for 100% of the actions of the Spanish company.
The Poland Development Fund (PFR) has reviewed in a statement that this potential movement is limited within the framework of the sale process organized by Pegasus Transportation International, a company that maintains 40.2% and that is composed from a Trilantic shareholder pact with the Abelló family and some members of the Oriol (founders of Talgo).
The Poles have argued that, as potential shareholders with a stable profile and long term, they would plan to create value for Talgo in the long term, supporting the growth and increasing the business scale, while maintaining the industrial capacity of the company and the company production in Spain.
In that line, they have stressed that “PFR understands the importance, for Talgo and for Spain, to preserve their Spanish and would be open to consider maintaining its headquarters and industrial capacity in Spain, as well as its status as a company quoted in Spanish bags” .
Spain already vetoed the OPA of the Hungarian Magyar Vagon
In this context, it should be remembered that the Spanish government vetoed the OPA of the Hungarian Magyar Vagon group – which came to offer 5 euros per share – with the argument of maintaining the national component of Talgo.
The Polish Fund – which has reported its intentions to both Talgo and the National Securities Market Commission, as described – has also wielded as reasons that would favor this operation that of the synergies that would establish Talgo and weighs: “The complementary combination Of the portfolios of both companies would result in a European leader with a wide range of products and experience in most European Union markets, ”they have asserted.
Percuting in that argument, they have explained that Talgo could go to a broader market and expand to the Central and Eastern European region, where important investments in high speed are expected, especially in Poland.
On the other hand, from PFR they have insisted – as they pointed out at the end of January – that remain open to cooperate with a potential Spanish minority coinversor and that recognize “the relevance of the Basque roots” of the company, while they will seek a collaboration fruitful with Euskadi after the hypothetical transaction.
Sidenor offer
In a broader plane, it is necessary that this last Thursday the consortium led by Sidenor together with the Basque Government, BBK and vital launched an offer of up to 177 million euros for 29.8% of Talgo and ruled out the possibility of launching a Public Acquisition Offer (OPA) of shares about the trains manufacturer to take 100%.
This was expressly stated in its offer, so it would only be directed at 29.8% that controls the Trilantic Fund through Pegaso, the aforementioned company that maintains 40.2%.
Faced with an initial offer of 4 euros per share (147 million euros), the buyer consortium has risen to 4.15 euros (153 million) the direct consideration before Pegasus's demand to reach 5 euros offered by the Hungarian Magyar Vagon Group, the operation that did not prosper for the refusal of the Spanish Executive.
In addition, Sidenor's offer includes a variable concept of 0.65 euros (24 million euros), which will pay Trilantic if a series of financial magnitudes are met during the 2027 and 2028 years included in the Talgo business plan, by What the potential of the operation would reach 177 million euros.
