Government permission was a legal requirement for implementation. Offers to acquire 100% of Talgo shares worth around €620 million. According to foreign investment regulations, when a deal exceeds 500 million euros, it requires government approval.
They rejected Talgo’s takeover offer.
The decision was taken at a government meeting when the Foreign Investment Council – a body spanning several ministries headed by the Ministry of Economy – decided thatThe purchase of Talgo by a Hungarian group would pose a threat to the country’s strategic interests.
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The operation is rejected in application of foreign investment control rules and in full respect of EU law and EU competencies in the field of foreign direct investment, protection of the internal market and free movement of capital, Spanish media reported.
On April 4, the Hungarian consortium Ganz-Mavag submitted a request to the Spanish National Securities Market Commission (CNMV) for approval of a takeover offer for Talgo, which would mean a 100% takeover. Its total capital is 619.3 million euros, at 5 euros per share.
“Because of warnings from Spanish intelligence, Madrid has vetoed Hungary’s plan to take over rail manufacturer Talgo. Alarming connections have been discovered between the potential buyer backed by the Hungarian government – and Russia,” journalist Szabolcs Pany wrote on the X platform.
Some members of the government have publicly expressed their opposition to this offer, Emphasizing the close relations between the Hungarian investor and the government of Viktor Orban. Politicians argued that Talgo is a strategic company with unique technology in the world and plays a key role in rail transport.
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