On Thursday, the CNMV froze trading amid growing market chatter about a potential takeover. A statement from Talgo noted ongoing speculation about Magyar Vagon, a group led by András Tombor, a former adviser to Hungary’s prime minister, expressing interest in acquiring the company. Trading in the Spanish train maker rose sharply in response to the rumors, with shares advancing as much as 9.38 percent at 16:15. The stock traded at 4.8 euros, a price below the value reported by the Hungarian party to Talgo in November. Journalistic sources claimed that the bid would cover 100 percent of the company’s shares as part of an offer process.
In the previous November, Talgo confirmed that a Hungarian business consortium had expressed willingness to buy all outstanding shares at five euros each. Talgo also disclosed a stronger financial performance through September, with revenues up 33.5 percent to 470 million euros. As operating margins improved, EBITDA rose 68 percent to 64.5 million euros in the year’s third quarter. The market capitalization stood around 604 million euros. New orders totaling 1.9 billion euros were booked in the first nine months, lifting the total order backlog to a record 4.2 billion euros for the company.
Later, reports suggested that Magyar Vagon might have completed the transaction. Talgo shares continued to climb on the market, and traders watched closely as CNMV suspended trading temporarily while the company prepared to disclose further information to the market.
Before the halt, Talgo shares traded at 4.4 euros, a level far below the five-euro bid that Magyar Vagon had proposed. The stock briefly touched 4.78 euros before trading was stopped.
The early disclosures of the potential deal in November caused a jump in Talgo’s share price to 4.4 euros after hovering around 3.9 euros. The premium implied by a five-euro bid reached nearly 28 percent, prompting a short suspension by the CNMV. A five-euro per share valuation would place the total company value at roughly 617 million euros. Trilantic remains Talgo’s principal shareholder through Pegaso Transport International, which holds a substantial stake in the fund.
job transfer
Talgo has undergone a major industrial transformation aimed at decarbonization, reinforcing its role as a benchmark in rail technology. The Basque-based company serves customers across Asia and Europe, positioning itself as a competitor to major players like Alstom and Siemens. Today, control sits with Trilantic via Pegaso Transport International, which owns a significant portion of the fund’s capital.
The Hungarian party linked to the interest is EDJJ, short for Dunakeszi Jarmüjavító, which joined Magyar Vagon in 2020. Executive discussions between October and November focused on a potential offer to acquire Talgo. András Tombor, who also has ties to Aero Vodochody in the Czech Republic, is identified as the owner of DJJ. Tombor has served in advisory roles related to security during Hungary’s earlier administrations and has supported initiatives for talented youth through the Mathias Corvinus Collegium.
DJJ traces its roots to 1911, a period that helped shape wartime logistics and later railway production during the mid-20th century. The company operated under Canadian Bombardier in the 21st century, before passing under Magyar Vagon’s umbrella in 2020.