Published by Global Banking & Finance Review®
Posted on February 10, 2025
2 min readLast updated: January 26, 2026
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Poland's PFR intends to acquire all shares of Talgo, targeting Pegaso's 40% stake. This move aligns with European rail transport promotion.
MADRID (Reuters) -Poland's state-owned investment fund PFR said on Monday it intends to make an offer for all the shares of Spanish train maker Talgo.
PFR said it intends to bid in the coming days for the 40% stake in Talgo held by investment group Pegaso Transportation, it said in a filing to Spain's stock market regulator CNMV. Such a bid would entail the launch of a public acquisition offer for 100% of the shares of Talgo, it added.
Spanish regulation forces anyone buying more than 30% in a listed company to offer the same conditions to all shareholders.
Talgo shares opened 6.9% up following the news.
Talgo, which manufactures signature speed AVE high speed trains, has lately raised interest from investors as governments in Europe encourage rail transportation as a clean alternative to airplanes and roads.
PFR's move comes four days after a Basque consortium comprising shareholders of steelmaker Sidenor, together with the regional government and local bank Kutxabank, made an offer for a 29.8% stake in Talgo.
The consortium, said it is offering to buy the stake from Trilantic, which is part of Pegaso, at up to 4.80 euros ($4.95) per share if Talgo meets certain financial targets in 2027 and 2028.
The price offered by the consortium for the stake implies a maximum valuation of almost 595 million euros for the entire company.
PFR, which owns Polish train maker Pesa, did not specify how much it would offer for Talgo.
After the Spanish government in August blocked a 5 euro per share offer made by Hungarian consortium Ganz-Mavag for Talgo, Czech and Polish investors were discussed as potential buyers.
The government opposed the Hungarian bid, saying it entailed risks to national security, public order and public health, though 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 and Louise Heavens)
The main topic is Poland's PFR planning to acquire 100% of Spanish train maker Talgo.
PFR is interested in Talgo due to the growing European focus on rail transport as a clean alternative.
Talgo shares increased by 6.9% following the announcement of PFR's acquisition plans.
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