MADRID (Reuters) - A Spanish group from the Basque Country, made up of shareholders in steel maker Sidenor, the Basque regional government and local bank Kutxabank, has reached an agreement to buy a
Basque Group Agrees to Acquire 29.7% Stake in Talgo
MADRID (Reuters) -A Spanish consortium from the Basque Country, made up of shareholders in steel maker Sidenor, the regional government and local lender Kutxabank, has reached an agreement to buy 29.7% of train maker Talgo, Talgo said on Friday.
The price is 4.15 euros per Talgo share, plus 0.85 additional euros to be paid by the consortium if the company meets financial targets to be determined, the train maker said in a filing to the stock market regulator.
The agreement is pending approval from all parties, who expect to formalise the transaction "in the coming days," the company added.
"The return of the decision-making centre to our territory means that we recover one of our industrial hallmarks," said Ramiro Gonzalez, the head of the Alava province, one of the Basque Country's three provinces.
The total offer implies a maximum valuation of about 595 million euros for the entire company.
The consortium had said last week it had offered up to 4.80 euros ($4.95) per Talgo share, including 0.65 euros dependent on the company meeting financial targets in 2027 and 2028.
(Reporting by Inti Landauro and Ana Cantero, editing by Andrei Khalip, Elaine Hardcastle)
