Sidenor has significantly increased its offer to acquire a 29.9% stake in Talgo, supported by key regional financial institutions, amidst a growing M&A landscape in Spain.

Information on the Target

Sidenor has made a revised bid to acquire a 29.9% stake in the railway manufacturing company Talgo. Initially, Sidenor proposed a price of 4 euros per share but has since enhanced its offer to 4.80 euros per share. This new offer comprises a fixed component of 4.15 euros and a variable component of 0.65 euros, contingent upon achieving specific business objectives. This proposal is notably supported by key entities including the Basque Government, BBK, and Fundación Vital, which have collectively contributed 155 million euros toward the acquisition.

Additionally, the Polish state fund PFR, which owns the railway manufacturer PESA, has shown interest in Talgo and is expected to submit its own offer in the coming days, indicating heightened competitive dynamics within the railway manufacturing sector.

Industry Overview in Spain

The Spanish mergers and acquisitions (M&A) market experienced a significant uplift in 2024, as detailed in the annual report by TTR Data in collaboration with A&O Shearman Spain. A total of 3,473 transactions were recorded, reflecting an 8% increase compared to 2023. Moreover,