Magyar, the Hungarian group, is moving toward launching an unsolicited purchase offer for Talgo, the Spanish train maker. The negotiating track with Talgo’s creditor banks has been tightly controlled by the Magyar leadership, András Tombor and Gyorgy Bacsa, as multiple sources confirm to ACTIVOS, the economic vertical of Prensa Ibérica. The various lenders that provided Talgo with credit have early repayment clauses if ownership changes hands. Magyar aims to neutralize those clauses before unveiling the takeover bid, hoping to secure a liability package on better terms than those available in the current interest-rate environment.
The origins of the deal date back to February 9, when Talgo issued a statement to the National Securities Market Commission asserting that the Hungarian consortium Ganz-MaVag was “holding talks and negotiations regarding a potential bid for all Talgo shares at a price of 5 euros per share.” This disclosure came a day after the regulator suspended Talgo’s trading amid rumors of a potential sale.
Now, nearly three weeks later, the takeover bid appears imminent. Magyar and the Hungarian consortium behind the operation, which includes Corvinus International Investment (holding 45% of the consortium behind the bid), a state-backed entity focused on Hungary’s development financing, are only awaiting the risk committees of Talgo’s 25 creditor banks—among them Santander, BBVA, CaixaBank, Banco Sabadell, and Bankinter—to grant final approval for the shift in ownership. Insiders say this is a matter of days, with formalization expected before the middle of March, potentially even sooner.
Behind Talgo lies a broad spectrum of shareholders. The largest stake, exceeding 40%, is held by Pegaso Transportation, controlled by the Trilantic investment family office. Other notable participants reportedly channel their holdings through this vehicle, including business figures such as Juan Abelló and the Oriol family. Additional investors include the Torrblas family office, the British pension fund Universities Superannuation Scheme (USS), SCWF, the British insurer Aviva, the Spanish insurer Santa Lucía, Norway’s sovereign fund, American investment bank Morgan Stanley, and Capital Group.
El Gobierno estudia utilizar el escudo antiopas
What remains uncertain is whether the Government will deploy the so-called anti-takeover shield to block the possible acquisition. Jordi Hereu, the Minister of Industry and Trade, hinted last week that there might be grounds to curb the operation, noting that Talgo is “a strategic company” for Spain. At this stage, the only established fact is that the Hungarian holding is pursuing a cordial approach with Spanish authorities.
Political positions on this matter are notably divergent: the Hungarian leadership under Viktor Orbán is often described as leaning toward strong, assertive stances, while Spain’s government is led by a progressive coalition. Both countries are members of the European Union, which could facilitate the process to a certain degree, even as tensions remain visible between the two capitals.
The anti-takeover shield was introduced by the Spanish government in March 2020 in response to sharp declines in share prices. The rule requires any investor seeking a stake above 10% in a national company deemed strategic to obtain government authorization first, especially when a foreign owner is involved.