THE National Securities Markets Commission (CNMV) is waiting Hungarian chariot talk about his public takeover bid (OPA) of shares on Talgoto reject the transaction after the Government’s veto. Thus, the regulation requires a formal communication from the offeror (the Hungarian company) in order to proceed with the rejection of the offer, which does not necessarily have to be a withdrawal, but rather a statement regarding its treatment.
However, the Hungarians will appeal the government’s veto of their offer, so they are unlikely to withdraw it, with the regulator forced to make a decision on whether to reject the takeover bid.
If the CNMV waits for the resources to be decided, years could pass with a paralyzed takeover bid, with harmful consequences for Talgo, as it will not be able to consider other alternatives to increase its industrial capacity.
A communication to the Magyar Vagon market could be the presentation of these resources, so that the CNMV would now have carte blanche to reject the public purchase offer, depending on the damage that its maintenance could cause to the company.
Normally, if a takeover bid does not take place, it is because it has not exceeded the minimum acceptance by the shareholders, so the offeror withdraws it because it does not meet the requirements. In this case, by not withdrawing it, the CNMV will wait for any communication, although the regulator does not explain what will happen if no communication arrives from the Hungarians.
What she confirms is that she can no longer authorise the takeover bid after receiving the government’s veto and that the operation can therefore only take place if the resources are favourable to the interests of Magyar Vagon.
