The Hungarian group Magyar Vagon launches its takeover bid to buy 100% of Talgo, for 619.3 million euros

The Hungarian group Magyar Wagon has formally presented to the National Securities Market Commission (CNMV) the announced takeover bid for 100% of the capital of the railway builder Talgo, an operation that in principle does not have the support of the Spanish Government.

According to the communication sent to the stock market supervisor, Magyar Vagon has submitted an offer for a total amount of 619.3 million eurosat a price of 5 euros per share, under the same terms announced on March 7.

The documentation presented explains that on March 22, the Hungarian group asked the Spanish Government for authorization from the Council of Ministers for this entry of foreign capital, although the Executive has not yet made a statement. The Ministry of Economy has not commented.

The offeror is a Hungarian company formed by Ganz-Mavag (55%) and Corvinus (45%), the latter being owned by the Hungarian State through the Ministry of Economy.

In principle, The Spanish Government does not view this operation favorably because it understands that Talgo is a strategic operator and plays a fundamental role in rail transport. Talgo’s main shareholders, for their part, support the offer.