SPAIN: A Basque consortium has submitted an offer to acquire a 29·8% stake in Talgo, and the Polish state investment fund which owns Pesa Bydgoszcz is to submit a separate proposal to acquire 100% of the Spanish rolling stock manufacturer. Indian group Jupiter Wagons is also reported to be interested in a bid.
Basque bid
A group of investors led by Clerbil and including Finkatze Kapitala Finkatuz, Fundación BBK and Fundación Vital have made a non-binding offer of €177m for 29·8% of Talgo’s share capital. This is held by largest shareholder Trilantic through Pegaso.
The offer is subject to conditions including the completion of due diligence and regulatory approvals, to be met no later than May 15 2025.
The consortium does not intend to acquire 30% or more the share capital, as that would trigger a requirement for it to make a takeover offer.
On February 6 Pegaso said it would evaluate the offer.
Polish proposal
Poland’s PFR announced its plans to make an offer on February 8, saying Talgo and Pesa could create a European champion with a wide range of products and experience in most EU markets.
If its proposal were accepted by Pegaso, PFR would launch a public offer for 100% of Talgo’s shares.
PFR said this would provide Talgo with long-term stability, greater industrial capacity, more financing and opportunities to sell high speed trains in the central and eastern European region. Poland is a particular target as significant investments in high speed rolling stock is expected under the CPK programme.
Talgo’s range would complement Pesa’s portfolio of locomotives, trams and regional trains, and its experience of sales and type approval in the region.
PFR said it would consider maintaining Talgo’s headquarters, industrial capacity and stock exchange listing in Spain, and it is open to co-operating with a minority Spanish co-investor.
