This Thursday, CNMV suspended the project. Quote from Talgo In the face of a possible takeover of Hungarian train manufacturer DJJ. Shares of the train manufacturing company rose up to 9.38 percent on the stock market. at 16:15 due to rumors that Magyar Vagon, a company owned by András Tombor, a former advisor to Hungarian Prime Minister Viktor Orban, was about to take over the company’s shares. The shares were exchanged for 4.8 euros, below the price the Hungarian company reported to the Spanish train maker in November. Newspaper Hidden He stated that he would finalize the takeover offer for 100 percent of the company’s shares.
Last November, The train manufacturing company has confirmed that a Hungarian business group is interested in purchasing 100% of the company at a price of five euros per share. The company’s revenues increased by 33.5% through September, reaching 470 million. With the impact of the improvement in operating margins, the company increased its EBITDA by 68% to 64.5 million in the third quarter of the year. Its stock market value is 604 million euros. Talgo received new orders worth €1.9 billion in the first nine months of the year; This means that the total order portfolio will reach 4.2 billion euros, a new historical record for the company.
This Thursday, a journalistic report suggests that Magyar Vagon will have already completed carrying out this operation. Shares of the Spanish company immediately began to rise on the stock market. Considering these rumors; the CNMV decided to suspend its listingat least as the company prepares to release a new insider that will provide more information on the matter.
Before the price skyrockets, Talgo shares were valued at 4.4 euros, a far cry from the five euros Magyar Vagon had. would pay to take over the company, so the shares reached 4.78 euros before trading was halted.
When this possible operation was revealed in November, Talgo It was listed at 3.9 euros and the same situation occurred, its shares jumped to 4.4 euros as the premium of up to five euros reached 27.7%.and CNMV suspended it for a few hours. The acquisition of Talgo for five euros per share would value 100% of the company at approximately 617 million euros. The company’s main shareholder is the Trilantic investment fund.
job transfer
Basque-based company carried out a significant industrial transformation with the goal of decarbonization. Talgo is a reference in its sector and produces trains for many Asian and European countries. It became a rival to Alstom and Siemens. Currently, Talgo is controlled by Trilantic through the company Pegaso Transport International, which holds a 40% stake and owns 63% of the fund’s capital.
The Hungarian company that showed interest in the Spanish train manufacturer is EDJJ (Dunakeszi Jarmüjavító), which was integrated into the Magyar Vagon group in 2020.. The company’s main executives met with the Spanish company’s board between October and November to explore the takeover offer. Hungarian businessman András Tombor owns DJJ and Czech aviation firm Aero Vodochody. He also served as an advisor on security issues during Viktor Orban’s first term between 1998 and 2002. Tombor also supported the Mathias Corvinus Collegium to support talented young people.
DJJ was founded in 1911, at the beginning of the 20th century. Company, II. It played an important role in transporting war materials during World War II. It was reused for railway production in the 1950s. It was already part of Canadian Bombardier in the 21st century, and in 2020 it passed into the hands of Magyar Vagon.