PFR is to submit an offer to buy a large train manufacturer

PFR intends to present “in the coming days” a proposal as part of the sale of shares by Pegaso Transportation International, which has 40 percent. Talgo action. If the offer is accepted by Pegaso, this will entail the public purchase offer of 100 percent. Talgo shares – wrote in a PFR statement published on the CNMV website.

It was also pointed out that the entity submitting the offer would be PFR Investment Fund closed -up of private assets.

As PFR also pointed out, the final decision on the offer still requires the consent of the relevant corporate bodies of the Fund.

According to the message issued a few days earlier, PFR believes that the Talgo portfolio and technology are complementary with the Pesa profile, the largest rolling stock manufacturer in Poland, which is owned by the Polish Development Fund.

“The complementary combined portfolio of both companies would create a European champion with a wide range of products and experience in most markets in the EU,” the fund emphasized.

A few days ago, the Basque company Sidenor, the main manufacturer of Steel in Spainhe offered 177 million euros with partners for less than 30 percent. shares in Talgo.

The government in Madrid has emphasized so far that it wants to maintain the Spanish character of the company, which is why Sidenor's offer is the most desirable. Talgo's strategic meaning was also emphasized by the head of the Spanish Ministry of Foreign Affairs Jose Manuel Albares during his visit to Warsaw at the end of January.

“PFR understands how important for Talgo and Spain it is to preserve Spanish and consider maintaining the headquarters and industrial abilities in Spain, and the company would be listed on Spanish stock exchanges. PFR remains open to cooperation with a potential Spanish minority shareholder” – wrote the Polish company in a statement.

In August last year, the Spanish government rejected the offer of Talgo's acquisition by the Hungarian Ganz-Mavag group, citing the “impossible to overcome” risk to protect the strategic interests of the country and national security.

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Talgo is a leader in the design, production and maintenance of high speed and intercity trains, with industrial presence in Spain, Germany, DenmarkSaudi Arabia, Egypt, Kazakhstan, Uzbekistanie and the United States.