Opa: Magyar Vagon assures that the possible entry of SEPI will not solve the industrial problem Talgo | Companies

The Hungarian consortium Magyar Vagon, which has put forward a proposal to buy 100% of Talgo for 620 million euros, believes that the government’s possible bid to enter the company’s capital will not solve the problem that the train manufacturer faces in relation to its enterprise. industrial potential to fulfill its contracts. Sources close to the Hungarian company assured Europa Press that the move would only be aimed at facilitating the exit of the Trilantic fund, which controls 40% and has been interested in selling its stake for some time.

For the Hungarians, this is just a reorganization of the company’s capital to prevent its takeover bid (takeover bid), but this in no way solves the problem of the lack of industrial capacity that Talgo has been suffering from in recent years. Newspaper Confidentially On Monday it was published that the executive branch is studying the possibility of the State Company for Industrial Participation (SEPI) infiltrating the company in order to block the Hungarian consortium.

Talgo has already delayed the delivery of Avril trains to Renfe, which could result in fines of more than 167 million euros, and is also delaying the delivery of trains to Deutsche Bahn, the German train operator, which has a request for 1,400 million euros.

There is currently no clear time frame within which the government may approve or reject a takeover bid, but the market is targeting the end of July. It was March 22 last year when Magyar Vagon processed the operation and the initial deadline was set at three months. However, the clock stops every time the Foreign Investment Board (the government agency responsible for processing) makes a request to the buyer, so the delay is already estimated to be one month. In any case, the government may expand this limit.

According to information provided this Monday, the government will analyze the purchase through SEPI of up to 29.9% of Trilantic’s shares in Talgo and subsequently help it find a buyer for the remaining 10% to avoid the obligation to file a takeover bid if this happens. exceeds 30%. “This process may be extended given the apparent lack of interest from the most obvious potential industrial partners (CAF or Stadler). On the other hand, this option reduces the likelihood that a takeover bid for Talgo will finally be announced, which would have a negative impact on the price,” Banco Sabadell said in its analysis.

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