PNV Accuses Spanish Government of Obstructing Sidenor Consortium’s 29.7% Talgo Stake Amid SEPI Withdrawal and Sánchez-Pradales Talks

The Basque Nationalist Party (PNV) has criticized the Spanish government for hindering the entry of the consortium led by Sidenor into Talgo, specifically regarding the acquisition of a 29.7% stake in the train manufacturer. The government withdrew support from the state-owned Industrial Holdings Company (SEPI), which had initially backed the operation, raising concerns about the viability of the transaction. SEPI has paused its participative loan to Talgo pending the company's designation as a strategic or financially troubled manufacturer, aiming to avoid conflicts with competitors CAF and Alstom. The Basque consortium has secured €75 million to finance Talgo and expects SEPI to contribute an additional €75 million. Meanwhile, Prime Minister Pedro Sánchez is negotiating with the Basque Government, led by Lehendakari Imanol Pradales, to finalize the state's financial involvement in Talgo and has also engaged in talks regarding the transfer of the first block of Social Security management to the Basque Country, which includes responsibility for unemployment benefits for 44,700 Basques. The bilateral discussions also cover migration management, investment in electrical networks, and recognition of the Basque language in the European Union.