Two days after the government vetoed Magyar Vagon’s public acquisition offer for Talgo, the Transport and Sustainable Mobility Minister, Oscar Puente, avoids taking a stance on the merits. A deputy from the PP, Hector Palencia, asked him to clarify to Spaniards whether the government envisions any operation led by a public or partially public company, distinct from the vetoed takeover bid. Puente focused his remarks largely on defending the improvements in Spain’s rail services despite a cluster of disruptions in August.
What might look like a trivial question quickly reveals strategic intent. In mid-April, the Finance Minister Maria Jesus Montero stated that the government was in constant contact with some very important and listed Spanish companies to explore an option to Talgo that would stand apart from the Hungarian consortium’s purchase. The transport minister himself echoed those words, adding that several alternatives were being weighed so Talgo could continue to hold its value as a strategic and technological asset.
Candidates to partner financially with Talgo were discussed, with CriteriaCaixa—the investment arm of the Fundacion La Caixa—emerging as a likely contender. Earlier, CriteriaCaixa had been involved in the effort to acquire a stake in Naturgy alongside the Abu Dhabi state-backed Taqa. In the Talgo case, the only condition was for Talgo to take part with a strategic partner who possessed deep industry know-how, a condition that, to date, has not materialized.
Talgo and the rail service disruptions
The government has redirected attention toward Talgo amid the faults in the new Avril S106 trains delivered in May. Puente noted that two new compensation claims are being prepared to seek damages from the manufacturer for losses inflicted on Renfe. These compensation talks follow an earlier claim worth 166.6 million euros tied to delays in delivering the trains.
During his remarks, Puente emphasized that punctuality in the Avril fleet fell below 50 percent in the first week of August, particularly for the variable-width rolling stock that travels across different track gauges. By comparison, Renfe’s average punctuality stood at about 76 percent. Across the three months, roughly half of the new fleet faced immobilizations due to various issues, though 21 of the 22 trains delivered are now in service thanks to Talgo’s responsive actions, as the minister noted with approval.
The minister also pointed out that Madrid Chamartín-Clara Campoamor remains under high stress and not only there. The stations at Madrid Atocha-Almudena Grandes and Barcelona Sants are operating near capacity. The summer surge in incidents has exacerbated crowding at Chamartín, which is undergoing capacity upgrades, while Barcelona Sants has only five high-speed tracks to accommodate traffic heading into the city. A delay of 15 to 20 minutes on three trains could translate into thousands of waiting passengers at peak times. Puente concluded his first remarks with apologies for the summer disruptions and urged patience and understanding. He added that more investment is being made than ever, and although there will be growing pains, the results will come as improvements are realized.