The state will contribute $75 million to Talcon and it will be done with a 7.8% stake through the SEPI
The strengthening of capital will pave the way for the company headed by Jainaga to acquire 29.77% of Talgo, making Sidenor the main shareholder.
The State Company for Industrial Holdings (SEPI) will enter the capital of Talgoby means of a capital expansion that will lead to the control of 7.8% of the capital (45 million euros), and will also subscribe to a debt issue of 30 million euros, so the contribution will be 75 million .
Talgo has informed the National Securities and Exchange Commission (CNMV) that it has "invited" the SEPI to join recapitalizationthrough these two instruments: the purchase of 10.58 million shares (4.20 euros per title) that will allow it to control 7.87% of the capital at the close of the expansion and the subscription of a debt issue of 30 million euros.
Talgo will also issue another issue for 75 million, which will be signed by investors such as Ekarpen (Basque Government, Kutxabank, the three Member States and Mondragon), the Clerbil Group, the President of Sidenor, José Antonio Jainaga, and the foundationsof the BBK and Vital Funds.
First, however, it will probably have to be approved by the Spanish Council of Ministers on 29 July. The extraordinary meeting of Talgo shareholders must also approve these amendments, which allow the company to be recapitalised with EUR 150 million. This requirement is required by the manufacturer's creditor bank, which accumulates debt of more than EUR 400 million.
Sidenor, one step closer.
The strengthening of capital will pave the way for the company chaired by Jainaga to acquire 29.77% of Talgo, currently in the hands of the instrumental society Pegasus (Trilantic fund and the Oriol family).
The Basque consortium offers the purchase of securities at 4.15 euros per share (five cents less than the price of the SEPI), to which would be added another 0.65 euros, linked to the fulfilment of certain financial objectives by 2027 and 2028.
After this change of stock, Sidenor would be the main shareholder (almost 29.8%), Pegasus would hold just over 7.5%, and Torreal (of the Abello family and originally the Pegason union), 5%.
The purchase, whose pre-agreement was concluded on February 14, was suspended pending recapitalization requested by Talgo's creditor bank, and has now been determined.
The unblocking of Talgo's funding comes a week after Spanish Government President Pedro Sánchez and President Imanol Pradales met in Madrid.
You might like
DHL Express has laid the foundation stone of the future hangar at Vitoria airport
The company plans to take a giant step with a 6,600-square-foot ship, along with more than 13,000 square meters of outdoor facilities, making it the second largest DHL hangar on the European continent.
The chain's first fully manufactured electric car leaves the multinational Volkswagen plant in Landaben
Škoda Epiq is the first fully manufactured electric car in Pamplona and Volkswagen Navarra will continue to manufacture T-Cross and Taigo combustion models.
The Council of Álava will have the final say on whether or not summer camps are held in Bernedo, according to Berriozabal
Interviewed on Radio Euskadi , the president of the Araba Buru Batzar of the PNV, Jone Berriozabal, has said that it is "worrying" that, following last year's complaints about the summer camps in Bernedo, 200 families want to take their children to this camp.
Igor Arroyo: "Everyone must be able to learn Basque, but in order to stabilize their knowledge in the public service it is necessary"
The general coordinator of the LAB union has criticized the CC.OO. union for its attitude towards the Euskera. In his opinion, this union has made a "big mistake", not only because it takes CC.OO away from ELA and LAB, but because it takes it away from the "Basque workers".
The Navarre government will contribute 50 million euros to the company it will create with the Chinese company Hithium
The battery and power storage plant will initially create 700 jobs, and in a second phase the number could reach 1,000 workers.
Nadia Calviño has stressed that the Basque Country is a "good customer" of the European Investment Bank, promoting innovation in various areas
Arantza Ruiz, Director of Information at EITB Media, has interviewed Nadia Calviño, President of the European Investment Bank, on the "12 Minutes" programme of A0ETB2.
Medical Director and Deputy Medical Director of Cruces University Hospital resign
According to EITB, both resignations fall within the context of the medical strike and the assistance pressure that the stoppages are causing.
The Government approves the broad outlines of the 2027 budget, with growth projected at 1.6 per cent
The Finance and Finance Adviser, Nöel d'Anjou, has explained that the priority will be to strengthen basic public services, health, education, housing, security and social services.
Medical unions call for a rally in front of the Ministry of Health on June 15
The six medical unions on the strike committee maintain the call for a strike from 15 to 19 June and express their willingness to meet with the Ministry of Health whenever there is a real negotiating will and concrete proposals are on the table.
Talgo has reached a volume of orders of EUR 6.3 billion, the highest in its history, and aims to double its production capacity
The company has announced the creation in the Basque Country of a corporate research unit integrated into the Basque Network of Science, Technology and Innovation.