Talgo’s top shareholder in talks with Stadler over takeover bid, report says By Reuters

© Reuters. FILE PHOTO: A train bound for Saudi Arabia between Medina and Mecca, stops at the factory of Spanish train manufacturer Talgo, in Rivabellosa, Spain, October 11, 2018. REUTERS/Vincent West/File Photo

MADRID (Reuters) – Talgo’s main shareholder is in talks to sell its 40% stake in the Spanish train maker to a Swiss partner. Stadler Rail (SIX 🙂 in lieu of an offer by Hungary’s Ganz-Mavag Consortium, El Economista newspaper reported on Monday, citing an undisclosed market location.

On March 7, Ganz-Mavag – which includes the Magyar Vagon railway group – offered 619 million euros ($669 million) for all Talgo shares. The request was rejected by Spain’s transport minister, Oscar Puente, who was quoted by local media as saying the government would do “everything possible” to prevent it from being taken over.

According to a report by El Economista, Trilantic sees Stadler as another buyer of its 40% stake that “can support its business with the fast and diverse Spanish technology”.

However, Stadler has to establish a sufficient interest in the entire company, because Spanish law requires a formal offer when a buyer wants to buy more than 30% of any publicly traded company.

Stadler and Trilantic did not immediately respond to a request for comment.

Since Ganz-Mavag gave its offer to the CNMV to control the market, the Spanish government has repeatedly stated that Talgo is a successful company and that the agreement needs to be approved by Talgo in order to know more about the nature of the railways in the country and, in addition, national security. .

The Swiss train builder already has a subsidiary in Spain, Stadler Rail Valencia, as well as a factory in the east of the country and ongoing contracts with state train operator Renfe, the El Economista report added.

($1 = 0.9246 euros)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *