Talgo calls an extraordinary shareholders meeting in February to launch the landing of Sidenor

Talgo announced this Tuesday the call for February 3, an extraordinary meeting of shareholders in which it will put to a vote the resignation or, where appropriate, the dismissal of its CEO, Gonzalo Urquijo, along with a broad reorganization of the governing body of the railway manufacturer.

In the communication sent to the National Securities Market Commission (CNMV), the agenda also contemplates the ratification of the appointment of José Antonio Jainaga Gómez and María Teresa Echarri López as proprietary directors, as agreed by the Board of Directors on December 17. Both join as representatives of Sidenor, leader of the consortium that has acquired the 27.4% Talgoafter the State Industrial Participation Company (SEPI) subscribed a capital increase to control 7.8% of the manufacturer

The board will also see subject to its discretion the appointment of Juan Antonio Sánchez Corchero as proprietary director, representing SEPI, as well as on the appointment of Ricardo Chocarro Melgosa and Aránzazu Estefanía Larrañaga as independent external directors. Along with the changes in the composition of the board, shareholders will vote on the delegation of powers for the formalization, execution, publication and registration of the agreements adopted at the extraordinary meeting.

A long sales process

This extraordinary meeting closes a long process by which a consortium led by Sidenor has acquired 36.86 million shares held by Pegaso (a company of the Trilantic fund and the Oriol family, founder of Talgo) that represented the 29.76% of the capital, percentage that has been diluted after a capital increase. With the signing of this agreement, reached on November 6, the long sales process of Talgo, lasting almost two years, culminates, which has “very negatively” affected the manufacturer’s activity, according to the company itself.

Under the agreement, the Clerbil companyof Jainagaalong with the Basque foundations BBK and Vital and the Finkatuz public fund They are acquired with the participation of Pegaso and other minority shareholders for 156.67 million, at 4.25 euros per share. After the closing of this purchase operation, it was pending form the new board of directors and the departure of the current president, Carlos de Palacio Oriol, and the CEO, Gonzalo Urquijo.