Talgo merger with Ganz-MaVag approved

[YorkRailFan]

Spain’s National Securities Market Commission, CNMV, has approved the merger, but it awaits government clearance, which could take up to three months, this is reported by the railway transport news portal Railway Supply. A proposal to purchase all Talgo shares for €620 million was submitted in March by a consortium with Corvinus, the Hungarian state fund.
Despite approval from major investors, including Trilantic and Torreal, owning 40% of Talgo shares, the deal faces resistance from the Spanish government.

Spain’s transport minister has stated readiness to halt the deal, and Trilantic is already negotiating with Stadler for a counteroffer.

La Caixa has also expressed readiness for an alternative proposal.

The merger of Talgo and Hungarian Ganz-MaVag has been approved

Spain's National Securities Market Commission, CNMV, has approved the merger, but it awaits government clearance, which could take up to three months, this is

www.railway.supply

This could be very interesting if either the Spanish Government blocks the deal or if Stadler and Trilantic submit a better offer than the one offered by Ganz-MaVag.

 

[Gag Halfrunt]

The Spanish government reportedly suspects that Ganz-Mavag's bid is backed by Russian funding in violation of EU sanctions against Russia.

Ganz-Mavag launches takeover bid for Talgo

Hungarian firm Ganz-Mavag has filed its bid to take over 100% of Spanish rolling stock manufacturer Talgo, but hurdles remain.

www.railway-technology.com

The issues stem from the owners of the Hungarian firm. Although 55% of Ganz-Mavag is owned by investor András Tombor’s Ganz-Mavag Holding, the remaining 45% is owned by Corvinus, a Hungarian state-owned investment vehicle. In Ganz-Mavag’s announcement of the bid it explained the parent company is “fully owned by the Hungarian State, whose ownership rights are exercised by the Ministry for National Economy of Hungary.”

Reports from Spanish media suggested the government is worried this link to Viktor Orbán’s government in Budapest could hint at backing from Russian sources, in violation of European sanctions on Moscow.

The state-owned wealth fund Corvinus was invested in Russia’s International Investment Bank until 2023, when Orbán and Hungary bowed to EU pressure to divest from Russian interests.

The present incarnation of Ganz-Mavag came into being in 2022 when Magyar Vagon bought the Dunkeszi rolling stock factory in Hungary from Russian congolomorate Transmashholding, after EU sanctions meant that Transmashholdng could no longer do business in Hungary.

Dunakeszi Járműjavító Kft. Becomes Hungarian Property

Magyar Vagon Befektetési Vagyonkezelő Zrt. has acquired TMH International AG’s stake in TMH Hungary Invest Zrt., the owner of Dunakeszi Járműjavító (‘Vehicle Repairer’) Kft., resulting in the company of strategic importance for the national economy becoming a wholly Hungarian-owned company...

hungarytoday.hu

Transmashholding Hungary Kft. will continue its activities under the name Ganz-MaVag International Kft., and TMH Hungary Invest Zrt. will continue its activities under the name Ganz-MaVag Invest Zrt.

 

[YorkRailFan]

Spain has vetoed the takeover:

Spanish government has vetoed the proposed acquisition of 100% of rolling stock manufacturer Talgo by Hungarian consortium Ganz Mavag Europe, saying confidential analysis had determined that the deal posed ‘a risk to national security and public order’.

The reasons for the decision announced on August 27 are classified, but the government said Talgo is a strategic company in a key sector for economic security, territorial cohesion and industrial development, and blocking the deal would protect Spain’s strategic interests and national security. Stock market regulator CNMV immediately suspended the trading of Talgo shares.

Stressing that Spain is open to foreign investment, the government said the decision fully respected EU rules on foreign direct investments, the internal market and the free movement of capital.A possible takeover of Talgo has been speculated for some years, and 40% owner Trilantic is looking to divest its stake. The remainder of the company is in the hands of numerous smaller investors.

Spain blocks Hungarian consortium’s bid to acquire Talgo

SPAIN: The Spanish government has vetoed the proposed acquisition of 100% of rolling stock manufacturer Talgo by Hungarian consortium Ganz Mavag Europe, saying confidential analysis had determined that the deal posed 'a risk to national security and public order'.

www.railwaygazette.com

The Spanish Government is walking a fine line.

 

[Flying Snail]

The Spanish Government is walking a fine line.

I would say that it is the Hungarian government and dictator-in-waiting Orban that is walking a fine line. Perfectly understandable for the Spanish to want to keep these Putinites well away from any of their industry, not everyone is or should be as happy to take Russian gangster money as the UK.

 

[LLivery]

I would say that it is the Hungarian government and dictator-in-waiting Orban that is walking a fine line. Perfectly understandable for the Spanish to want to keep these Putinites well away from any of their industry, not everyone is or should be as happy to take Russian gangster money as the UK.

Indeed, I doubt many across Europe will sympathise with any complaints Hungary could have over this. If anything, it will add pressure on Orban from Hungarian businesses.