Magyar Vagon has formally presented its takeover offer to the National Securities Market Commission (CNMV). The Spanish government is not supportive of this operation as it understands that Talgo is a strategic operator and plays a fundamental role in rail transport.
The Hungarian group Magyar chariot has formally presented the announced takeover bid for 100% of the capital of railway builder Talgo to the National Securities Market Commission (CNMV), an operation that in principle does not receive the support of the Spanish government.
According to the communication to the stock market regulator, Magyar Vagon has made an offer for a total amount of 619.3 million eurosat a price of 5 euros per share, under the same conditions announced on March 7.
The documentation presented shows that on March 22, the Hungarian group asked the Spanish government for the approval of the Council of Ministers for this inflow of foreign capital, although the executive has not yet made a statement. The Ministry of Economic Affairs has not commented.
The bidder 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 is not positive about this operation because it understands that Talgo is a strategic operator and plays a fundamental role in rail transport. Talgo’s major shareholders in turn support the offer.
Source: EITB
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