Three proprietary directors of Talgo have resigned “irrevocably” in the final stretch of the sale, in whole or in part, of the Spanish manufacturer. With this new twist, the company’s board is down to seven members.
Specifically, the directors who resigned are Francisco Javier Bañón Treviño, Javier Fernando Olascoaga Palacio and Pedro Manuel del Corro García-Lomas.
According to various sources, this decision is taken to avoid possible conflicts of interest while the bids for the company’s shares are being evaluated. Currently, the bid submitted by Spanish businessman José Antonio Jainaga is being assessed.
The BBK and Vital banking foundations, together with Finkatuz (the Basque government’s “SEPI”), offered 155 million euros to acquire 29.9% of the shares; the capital in the hands of Trilantic.
Jainaga’s bid will compete with the Polish state fund PFR (owner of Pesa) and the Indian Jupiter Wagons, which are reportedly preparing a takeover bid for 100% of the capital.
The Basque Government’s Minister of Industry has expressed his support for the consortium led by Sidenor, stating that negotiations are progressing positively. Trilantic has set a deadline of 14 February to receive concrete offers.