The Hungarian group Magyar Vagon is making ready to current the takeover bid for Talgo regardless of the Government's rejection | Companies | EUROtoday

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The Talgo 230 model for the ICE L fleet of the German operator Deutsche Bahn.
The Talgo 230 mannequin for the ICE L fleet of the German operator Deutsche Bahn.

The Talgo buy mission by the Hungarian consortium Ganz-Mavag goes to be introduced earlier than the National Securities Market Commission (CNMV). The group that leads the economic conglomerate Magyar Vagon has determined to go forward with the operation, which it introduced in November, and is working at full velocity to attempt to current the documentation of its supply for 100% of the capital to the regulator this afternoon. . Yesterday it was the Minister of Transport, Óscar Puente, who advised a gaggle of journalists that the Council of Ministers will do “everything possible” in order that the general public acquisition supply doesn’t prosper. In La Moncloa, ties are sought between the Hungarian bidders and Russian capital and even with Vladimir Putin.

The offensive led by businessman András Tombor ought to have a value of 5 euros per share, which values ​​the corporate at 619 million euros (the share capital is made up of 123.8 million shares). To attain this level, the consumers have needed to negotiate with 18 Talgo creditor monetary entities, with 227 million in executable credit if there’s a change of management. The settlement is full with the banks in order that Magyar and the Hungarian sovereign fund Corvinus (they share 55% and 45% of the consortium that launched the takeover bid, respectively) don’t run the danger of getting to repay debt early in the event that they accomplish that. with Talgo.

Yesterday there was hypothesis out there once more with the approaching presentation of the takeover bid, with Talgo's share revaluating as much as 6% on the inventory market, and it was the statements of Óscar Puente that cooled the euphoria till the value dropped to 0, 7% on the shut of the session. The operation clock shall be activated as quickly because the CNMV has the prospectus, which it should primarily overview to find out if the takeover legislation is complied with earlier than approving it. One of the circumstances shall be that Magyar Vagon obtains the approval of the Government of Pedro Sánchez, which might have veto energy beneath the anti-takeover protect from overseas, regulated by royal decree 571/2023, of July 4, on international investments. .

This protect was activated in the course of the pandemic as a result of lack of worth of vital listed firms, on which the Executive might impose the barrier by taking 10% of the capital, nevertheless it additionally protects unlisted firms in operations of greater than 500 thousands and thousands.

The strategic course of the operation is to offer better industrial capability to the Magyar producer DJJ (Dunakeszi Jarmüjavító), owned by Magyar Vagon. Tombor purchased this firm in 2020, from Russian arms, inside the framework of the Russian invasion of Ukraine. In precept, the Spanish model shall be maintained, in addition to its two crops in Spain. A bigger measurement for each producers would give them a greater place concerning the deliberate funding in railways all through Europe.

The suspicion that this motion has precipitated among the many Government is public and infamous as a result of hyperlinks between the businessman Tombor and the Government of Víktor Orban, thought of far-right in La Moncloa. Possible ties between Magyar Vagon and Russian capital are even being analyzed. The Minister of Industry, Jordi Hereu, said in public on February 21 that Talgo, the one Spanish practice producer together with CAF, is strategic for the nation. The firm sought by Hungarian capital has 82 years of historical past and factories in Las Matas (Madrid) and Rivabellosa (Álava). Its market capitalization is 527 million and it earned 12.2 million on the finish of 2023.

Difficult place out there

It is exactly its small measurement to compete with giants equivalent to Alstom, Stadler, the Chinese CRCC or CAF itself, which requires an industrial increase for a Talgo specialised in high-speed trains and that wishes to develop within the mild rolling inventory phase. Added to this want to achieve quantity to compete is the intention to take the exit door of one of many shareholders with a monetary profile, the Trilantic fund. Main stakeholder within the Pegaso instrumentality, proprietor of 40% of Talgo, the sale of shares by Trilantic drags its different two companions: the founding household Oriol and Torreal, Juan Abelló's funding automobile.

Magyar Vagon's method to Talgo isn’t thought of hostile as a result of it was introduced to the producer's board of administrators and would have the approval of the principle shareholders.

Talgo may very well be thought of a strategic firm for Spain because of its standing as an industrial agency, its relationship with the general public firm Renfe, for which it manufactures trains and with which it has joint upkeep firms, and for its entry to crucial data on the Spanish infrastructure map. railways. The Foreign Investment Board is the inter-ministerial collegiate physique, hooked up to the Secretary of State for Commerce, that analyzes the implications of investments from overseas, equivalent to this takeover bid for Talgo. This entity is chaired by Alicia Varela Donoso, normal director of International Trade and Investments.

The Government's concern is paying homage to the current case of the entry final September, with out prior discover, of the Saudi STC in Telefónica with 9.9% between capital and derivatives. Playing on the defensive, the State Society of Industrial Participations (SEPI) acquired permission from the Council of Ministers to amass 10% of Telefónica, whereas a digital SEPI is being created as a automobile that might take the function of reference shareholder in Telephone.

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