This Wednesday, the Minister of Transport and Sustainable Mobility, Óscar Puente, raised the level of the Government's reluctance to the takeover bid that the Hungarian Magyar Vagon consortium wants to launch on the Spanish train manufacturer Talgo. If a few days ago the Minister of Industry, Jordi Hereu, described the Spanish company as "strategic" and announced that the operation would be looked at "well", today Puente has gone further: the Government "will do everything possible" to stop it, he has insured.
The Government's opposition does not stem so much from the relationship between the first shareholder of Magyar Vagon, Andras Tómbor, with the Hungarian president, Viktor Orbán, but from the participation in the consortium that plans to launch the operation, Ganz-MaVag Europe, of Russian investors. . With the fall in the price of Spanish companies during the pandemic, the Government reinforced its veto capacity over the taking of stakes in strategic companies, especially due to fear of non-EU investors.
Magyar Vagon informed the CNMV in November that it is preparing an offer at 5 euros per share for Talgo that values the company at around 630 million euros, compared to the current listing price of 4.17 euros. He is accompanied on the adventure by the Hungarian state partner Corvinus.
A few weeks ago, with the takeover bid about to be launched, the CNMV called on the consortium to reach an agreement with Talgo's creditor banks, including Santander, BBVA and CaixaBank, upon verifying that there are some 330 million euros of debt of the company. Spanish company subject to a cancellation clause in the event of a change of owner.
Puente has not reported progress in another of the elements that affect Talgo's relationship with its department, that of the delivery of the Avril high-speed trains, which are late and are exposed to a claim worth 116 million . The minister made these considerations at a day on mobility held by Prensa Ibérica. "I hope the delay is as short as possible," he said.
Talgo's main shareholder is a consortium called Pegasus Transportation, which has 40% of the capital. He is in favor of selling the shares due to the interest of its main shareholder, the American fund Trilantic, in giving the pass to another investor. The consortium also includes the Torreal family office, owned by Juan Abelló, and the founding family, the Oriols.
Separately, two heirs of the founders, José María de Oriol Fabra and Carlos de Palacio y Oriol, declare to the CNMV shares of 1.28% and 0.86%, respectively.
