The consortium does not rule out that there will be another bid in the future. The European Commission has supported the Spanish government and stated that such decisions are the responsibility of the Member States.
The Hungarian group Ganz Mavag (Magyar Vagon) has withdrawn the takeover bid that he had taken an initiative to acquire 100% of the Talgo company for 620 million euros, after the Spanish government vetoed his offer on Tuesday. Sources close to the consortium confirm that it is not excluded to make another bid to acquire the railway company in the future.
Talgo has its main factory in Rivabellosa (Álava), where 700 people work. The workers have asked for an Industrial Plan this week, given the “uncertainty” they experience. The company has a signed workload until 2030, but needs the necessary infrastructure to be able to carry it out.
Pedro Sánchez’s government vetoed the Hungarian group’s entry last Tuesday, citing “insurmountable” strategic interests and national security reasons. Initially, the business group announced that it would appeal the decision in all possible cases, both in Spain and in Brussels.
Support from Brussels
However, the European Commission said on Thursday that the decision to reject or approve the offer lies with Spain, and that the country does not have to inform Brussels. “The prerogative of these decisions lies with the member states. We have no specific comments,” community spokeswoman Francesca Dalboni told a news conference.
Dalboni recalled that European law allows Member States to “restrict” free movement within the European Union (EU) on grounds of public security, although the measures adopted must be “justified and proportionate”.
Following the withdrawal of Ganz Mavag’s takeover bid, the Czech company decided Skoda is the only company interested in Talgo, as long as the management accepts it. The company has rejected his offer twice, because Skoda did not intend to control the capital, while Talgo’s main shareholders want to get rid of their shares.
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.
