La Caixa has taken a step forward through its investment arm Criteria, but the operation is being promoted by the Spanish government to maintain control of the company in Spain; provided that an industrial partner also participates, which has not yet been found.
He Hungarian group Magyar Vagon At the beginning of April, it formally presented to the National Securities Market Commission (CNMV) the announced takeover bid for 100% of the capital of railway builder Talgo, an operation that in principle does not receive the support of the Spanish Government. Well then, The Caixa I would be prepared to make a Spanish counter-takeover offer, if an industrial investor joins in, to prevent this.
In this way, La Caixa, through its investment arm, can Criteria, has taken a step forward and has shown its willingness to make a counter-offer for Talgo. An operation promoted by the Spanish government, to maintain control of the company in Spain; of course, on the condition that an industrial partner also participates, which has not yet been found.
Meanwhile, in Madrid, Talgo’s unions met with the Hungarian group, which called them to explain their project. As the UGT delegate explained, they have “received medium-term job guarantees, but they do not trust the commission.”
Specifically, Magyar Vagon made an offer for a total amount of 619.3 million euros, at a price of 5 euros per share, under the terms announced on March 7. On March 22, the Hungarian group asked the Spanish government for the approval of the Council of Ministers for this entry of foreign capital.
The provider is a Hungarian company founded by Ganz-Mavag (55%) and Corvinus (45%), the latter being owned by the Hungarian state through the Ministry of Economic Affairs.
The Spanish government was not supportive of this operation as it understands that Talgo is a strategic operator and plays a fundamental role in rail transport. However, Talgo’s major shareholders support the offer.
The President of the Government of Spain, Pedro Sanchez, assured that the Executive would work to ensure the future stability of the company. According to Sánchez, this is a company that operates in a strategic sector that plays a fundamental role in rail mobility. “We will always defend industrial projects that are strategic and create jobs,” he stressed.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
