Published by Global Banking & Finance Review®
Posted on February 10, 2025
2 min readLast updated: January 26, 2026
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Talgo shares rose 7% as Poland's PFR plans to bid for a 40% stake, rivaling a Basque consortium's offer. European rail transport interest grows.
MADRID (Reuters) -Spanish train maker Talgo's shares jumped 7% on Monday after Poland's state-owned investment fund PFR said it planned to join the bidding for the manufacturer of AVE high speed trains.
PFR said it intended to bid in the coming days for the 40% stake in Talgo held by investment alliance Pegaso Transportation, according to a filing to Spain's stock market regulator CNMV.
It would be a rival bid after a Basque consortium comprising shareholders of steelmaker Sidenor, the regional government and local bank Kutxabank offered up to 4.80 euros ($4.95) per share last Thursday for a 29.8% stake in Talgo.
That implies a maximum valuation of almost 595 million euros ($614.58 million) for the entire company.
PFR said its planned bid would entail the launch of a public acquisition offer for 100% of Talgo's shares, without specifying its offer price.
Spanish regulations require anyone buying more than 30% in a listed company to make a takeover offer.
Talgo declined to comment.
The Basque consortium offered to buy a 29.8% stake held by fund Trilantic, which is part of the Pegaso alliance.
Talgo shares were up 7.2% on Monday at 10.482 am at 4.16 euros after rising to 4.23 euros earlier in the day.
Talgo has attracted interest from investors as governments in Europe promote rail transport as a clean alternative to road and air travel.
A spokesperson for Sidenor, whose shareholders are part of the Basque consortium, did not immediately respond to a request for comment.
After the Spanish government in August blocked a 5 euro per share offer made by Hungarian consortium Ganz-Mavag for Talgo, media reports said Czech and Polish investors could be potential buyers.
The government opposed the Hungarian bid, saying it entailed risks to national security, public order and public health. It did not elaborate, though local media linked the government's veto to concerns over Hungarian Prime Minister Viktor Orban's close ties to Russia.
($1 = 0.9697 euros)
(Reporting by Marta Serafinko, Graham Keeley and Inti LandauroEditing by Bernadette Baum, Louise Heavens and Susan Fenton)
The article discusses the rise in Talgo's shares after Poland's PFR announced its intention to bid for a stake in the company.
Poland's PFR and a Basque consortium are involved in the bidding for Talgo's shares.
Talgo is attracting interest as European governments promote rail transport as a cleaner alternative.
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