György Bacsa, the president of the Hungarian consortium Magyar Vagon, states that the group aims to strengthen Talgo so it can become a European leader, a goal highlighted in a statement sent to the Hungarian MTI agency and picked up by EFE. The Hungarian company, seeking to acquire the Spanish train maker, has offered a constructive and transparent dialogue with Spanish authorities regarding the takeover bid, aiming for a collaborative path forward. [Source: Magyar Vagon press release]
The chairman of the board emphasized that the information about the public acquisition offer for Talgo has been sent to Spain, covering the entire equity of the Spanish train manufacturer, which was disclosed on March 7. Bacsa said, “We are ready to support the work of Spanish authorities in every possible way: providing quick, transparent, and professional responses to their questions.” [Source: Magyar Vagon press release]
The Hungarian consortium has opened itself to a constructive dialogue to reach a fruitful partnership as soon as possible. It envisions a strategic cooperation in which Talgo would continue to grow as a leading European group in both traditional markets and in other regions, including Eastern Europe. One of the stated aims of the acquisition is to create a new leading player in the European rail sector. [Source: Magyar Vagon press release]
Nueva estrategia
Ganz-MaVag also commits to assisting Talgo in implementing its strategy as a listed company on the Spanish stock market. On March 7, Ganz-MaVag announced its intention to acquire the entire share capital of Talgo in a deal valued at 619 million euros, with a formal bid expected shortly before April 7. Transport Minister Puente said the government would do everything possible to prevent the bid amid concerns that the offer may be linked to the Russian government. [Source: Ministry of Transport statements]
Investors from Central Europe value the Spanish train maker at 619 million euros, or five euros per share. The Talgo board responded to the Magyar bid, noting that it would wait to review the bid prospectus to analyze it in detail, focusing on four essential questions: preserving employment and industrial capacity in Spain, maintaining Talgo’s headquarters and leadership in Spain, safeguarding Talgo patents and intellectual property rights, and ensuring the best outcome for all shareholders and other stakeholders. [Source: Talgo board press release]
In the document sent to the CNMV, Magyar confirms its intention to keep Talgo’s headquarters and activities in Spain, maintain employment, and continue its business relationship with Renfe as a strategic partner. The Hungarians also state that Talgo’s shares will remain listed on the Madrid, Barcelona, Bilbao, and Valencia stock exchanges, explicitly noting that the offer is not aimed at removing Talgo from the stock market. [Source: Magyar submission to CNMV]