The Hungarian firm Magyar Vagon will current the takeover bid for Talgo this afternoon regardless of the specific opposition of the Government | EUROtoday

The Hungarian group Ganz-Mavag (Hungarian Wagon) is already finalizing the mandatory procedures to have the ability to current the Public Acquisition Offer (OPA) for 100% of Talgo for about 630 million euros this afternoon on the closing of the market.

As confirmed to Europa Press According to sources within the sector, the Hungarians already managed to shut a pre-agreement with the financial institution yesterday as a way to keep away from the primary impediment that the National Securities Market Commission (CNMV) positioned of their first intention of presenting this operation at the start of February.

Specific, discovered a regulatory downside with it: that banks can cancel their loans with Talgo if the proprietor of the corporate modifications. In the corporate's accounts there are 23 entities with credit of 329 million euros.

However, Ganz-Mavag, led by businessmen György Bacsa and András Tombor, has satisfied the financial institution to proceed betting on the Talgo challenge, even when it modifications fingers, which shall be a precedent for the Government's resolution. whether or not or to not veto this operation.

Once this pre-agreement has been achieved, the laws require that the potential purchaser ship a letter of intent to the board of administrators of the corporate, on this case of Talgo, explaining their causes for buying its capital, which must meet to debate it. .

However, for the reason that curiosity of the Hungarians grew to become identified final November, the council has not at any time proven itself towards the operation. In truth, it will be a possibility for its predominant shareholder, the Trilantic fund – which controls 40% of the capital and which entered as an investor in Talgo in 2006 – to exit and make its funding worthwhile.

For all these causes, if all of the procedures are accelerated this Thursday, the OPA might be offered this afternoon. If any process is delayed, the operation will nonetheless be offered to the CNMV within the following days.

GOVERNMENT BRAKE

The subsequent impediment for Magyar Vagon shall be to acquire the approval of the Spanish Government, which has already introduced that it’s going to attempt to cease the operation, as Talgo is a strategic firm for the nation, particularly now that sustainable mobility is offered as the primary stimulus for the economic system. .

The Hungarians' intention is to benefit from Talgo's high-speed know-how to extend their capability, now fairly restricted in comparison with different European giants reminiscent of Alstom. In truth, the corporate is sort of two years late in delivering the Avril trains to Renfe and for which it might should assume compensation of 116 million euros.

In any case, the anti-OPAS defend out there to the Spanish Government might veto the operation, even when the client is European, though it must argue its resolution very properly to keep away from future litigation. For now, the Executive has identified that there might be Russian traders behind it and the truth that Ganz-Mavag is 45% owned by the controversial Government of Viktor Orbán additionally weighs.