The group Hungarian chariot kept its promise and sent the corresponding letter to the National Commission of the Securities Market (CNMV) to withdraw its public takeover bid (OPA) for 100% of Talgo, after the Government vetoed the operation at the last Council of Ministers. However, The Hungarian company does not rule out making a takeover bid again at a later date..
According to the letter sent to the CNMV this Friday, “depending on the evolution of circumstances” Magyar Vagon “may consider, if appropriate, resubmitting an offer for the acquisition of 100% of Talgo”.
The company considers that “the decision of the Spanish government is not in accordance with the law and continues to believe that the offer presented was attractive to Talgo shareholders (who are illegally deprived of this possibility). and in the best interests of the company and all its stakeholders“.
In the same document, the railway company confirms its intention to take legal action. Specifically, “to file the corresponding contentious-administrative appeal before the Contentious-Administrative Chamber of the Supreme Court“against the decision of the Council of Ministers, for which he has a period of two months.
The document presented to the CNMV includes the reference of the Council of Ministers in which the public purchase offer was cancelled, a decision which was decided by the External Decisions Council last Monday.
The reasons why the government vetoed the Hungarian takeover bid are as follows: “would entail risks to ensuring national security and public order“, according to the Ministry of Economy, Commerce and Business, which also mentions the “protection of Spain’s strategic interests.”
However, there are no further details. The Council of Ministers has declared this information “classified”. However, even before the Jinvex ruling, the government had expressed its reservations through Minister Óscar Puente.
Among other things, they disliked Magyar Vagon’s ties to the Hungarian executive, led by Viktor Orbán, and its close relations with Vladimir Putin’s Russia, now an enemy of the European Union.
