Hungarian consortium Ganz-Mavag Europe has made a bid of €619m to acquire Talgo entirely, a move welcomed by the latter. However, the Spanish government is hesitant about foreign ownership, contemplating alternatives such as a potential acquisition by CAF.
The offer, amounting to €5 per share for the complete takeover of Talgo, was formally presented to Spain’s National Securities Market Commission (CNMV) on March 7. Despite EU regulations allowing such acquisitions, Transport Minister Óscar Puente expressed the government’s determination to impede the sale.
Concerns have been raised over foreign ownership of Talgo, Spain’s prominent high-speed train manufacturer with expanding export ventures. Additionally, references were made to the pro-Russian inclinations of the Hungarian government, a key player in the Ganz-Mavag Europe consortium.
Ganz-Mavag Europe consortium comprises Magyar Vagon, a rolling stock manufacturer owning 55%, and Corvinus, a Hungarian state-owned investment fund with 45% ownership. Despite ongoing complexities, including penalties imposed by RENFE Operadora and potential rival offers, Talgo’s market performance remains dynamic, with significant growth reported in income and order book during recent periods.