Talgo given “preliminary expression of potential interest” in the preparation of a public procurement offer (OPA) by Hungarian business group about all his actions. Specifically, the offer priced the operation at 5 euros per share. Considering the privileged information sent to the National Securities Market Commission, the regulator chose to suspend trading of shares on the Talgo Exchange in the first hour of the session. Talgo is currently up over 14% on the stock market. In the statement, the construction company claims that, to its knowledge, “there is no definitive decision that the investor in question will continue to analyze any decision or operation regarding the possible takeover bid.”
Today, Talgo’s first shareholder is a Luxembourg company Pegaso Transport International SCA owns 40% of the capitalA company indirectly controlled by the Trilantic investment fund. It is followed by the family investment company Torrblas with 5.03%. Both Trilantic and Torrblas are controlled by the Torrente Blasco family; In the first case, Ana Patricia Torrente Blasco controls 57.4% of the shares. The Oriol family is present in Trilantic, the founders of the original Talgo and the holders of the presidency through the figures Carlos de Palacio and Oriol. Insurer Santa Lucía also has a 2.85% stake in the train maker, which it reduced from 5% this year, with the remainder held by board members (3.5%) and minority investors.
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Until the suspension of the exchange announced by CNMV this morning, Talgo shares are priced at 3.92 euros each. Talgo went public in 2015 and since then its valuation has been falling from its initial 8 euros. Talgo is up 15.83% so far this year, with some peaks seen in May. In the middle of the same month, the train manufacturer signed the largest contract in Germany, worth 1.4 billion euros, with German railway operator Deutsche Bahn, covering the production of up to 100 trains. 2019. In the same year, the first order for 23 self-propelled Talgo 230 trains, which can reach a maximum speed of 230 kilometers per hour, was signed.
Talgo announced yesterday Improvement in year-end forecasts after posting a 68% increase in adjusted EBITDA in the first nine months of the year. The order book is at its highest level so far this year, thanks to new awards worth 1.9 billion reaching 4.2 billion; This is a figure that exceeds the company’s own expectations. One of these orders is the production of locomotives and remodeling of trains to replace Renfe’s 107 series. At the same time, the train manufacturer’s revenue increased by 33.5% to 470.3 million euros, and they expect the pace of implementation of the project to accelerate as well. projects in the portfolio account for 45% of available reserves for the current year and 2024, compared to the 40% previously estimated.