Sidenor-led consortium takes 29.78% of Talgo for €156.7m

Talgo has a new core shareholder: a Basque consortium led by Sidenor acquired 29.78% of the share capital for €156.7 million on 17 December 2025 after two years of negotiations, and the state holding company SEPI also pledged a capital increase. Because the 30% threshold was not reached, no public takeover bid was needed; share capital rose to €40.47 million (134.4 million shares). A €770 million refinancing also lets Talgo settle the penalty, now €107 million, that Renfe imposed for the late delivery of its 30 Avril trains. An extraordinary general meeting at the new Basque registered office in Vitoria-Gasteiz was planned for mid-February 2026, to end the Oriol family's 84-year chairmanship (LOK Report, 21 Jan 2026).