Basque Consortium Secures Preliminary Agreement to Acquire Stake in Talgo
The Basque consortium, spearheaded by Sidenor and comprising the Basque Government, BBK, and Vital, has successfully negotiated a preliminary agreement with Trilantic to acquire a 29.77% stake in rail manufacturer Talgo. This significant development was confirmed through a statement issued by the Provincial Council of Álava.
In a recent turn of events, Polish company Pesa opted out of the bidding process, acknowledging that it lacked support from Sanchez's Government, which contributed to a fluid negotiation phase between the Basque consortium and Trilantic.
The consortium's joint proposal was submitted last Thursday to the British fund, which had set a deadline for offers by Friday. As it stands, no other formal proposals were brought forth, allowing the Basque group a significant edge in the negotiations.
Prior expressions of interest came from Pesa and India's Jupiter Wagons; however, their withdrawal has paved the way for the Basque consortium to solidify their position. Discussions intensified over the past week leading to the eventual preliminary agreement.
Mikel Jauregi, the Basque Government's Minister of Industry, is scheduled to address the media in Bilbao this afternoon to provide further insights into this strategic move.
On Friday morning, Basque President Imanol Pradales acknowledged the existence of a few loose ends remaining in the operation for the consortium led by Sidenor to acquire one-third of Talgo's shares. Despite these minor hurdles, Pradales expressed optimism about reaching a conclusive agreement shortly, stating, "We are in the discount time. I believe we will successfully conclude the agreement."
This acquisition represents a notable commitment by the Basque region to maintain and grow influence within the rail manufacturing sector, highlighting their ambitions on both a national and international scale.
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