MADRID (Reuters) – A consortium comprising shareholders of Bilbao-based steelmaker Sidenor, together with the Basque country’s regional government and Spanish bank Kutxabank, on Thursday made an offer for a 29.8% stake in Spanish train maker Talgo.
The consortium is offering to buy the stake from investment fund Trilantic, at 4.80 euros ($4.97) per share if Talgo meets certain financial targets in 2026 and 2027, the train manufacturer said in a filing to stock market regulator CNMV on Thursday.
The price offered by the consortium implies a maximum valuation of nearly 595 million euros for the entire company.
CNMV said it would allow Talgo shares to resume trading on Thursday afternoon after it halted their trade at opening after news reports about a potential offer led by Sidenor, which had already disclosed an interest in Talgo in October.
The Spanish government in August blocked a 5 euro per share offer made by Hungarian consortium Ganz-Mavag for Talgo, as it considered it entailed risks to national security, public order and public health, though it did not elaborate.
Local media linked the government’s veto to concerns over Hungarian Prime Minister Viktor Orban’s close ties to Russia.
($1 = 0.9654 euros)
(Reporting by Inti Landauro and Jesus Aguado; Editing by David Evans)
