Polish state fund hires Societe Generale for Talgo takeover, El Confidencial says

MADRID (Reuters) – Poland’s state fund has hired Societe Generale (OTC:) to prepare for a takeover bid of Spanish train maker Talgo (BME:), news website El Confidencial reported on Friday, citing unidentified sources close to the matter.

Polish Development Fund, or PFR, is considering launching a tender offer for the shares in Talgo and would then merge the Spanish train maker with its Polish rival Pesa Bydgoszcz, which it controls, El Confidencial reported.

PFR, Societe Generale and Talgo did not immediately respond to requests for comment.

Since Hungarian consortium Ganz-Mavag withdrew a 619- million-euro ($637 million) tender offer for Talgo in August following the Spanish government’s opposition to the deal, other potential buyers have approached the company.

Talgo said in October Basque steel maker Sidenor opened talks about the possible acquisition of a stake.

($1 = 0.9716 euros)