The government finally used the anti-takeover shield and rejected the purchase of Talgo by Hungarian chariot citing national security reasons. Thus, the Foreign Investment Board, which is part of the Ministry of Economy, rejected the public purchase offer (OPA) presented by the Hungarian group to take over 100% of the railway manufacturer.
The Executive took this decision based on a law approved in the midst of a pandemic to prevent the fall in the corporate stock market from being exploited by foreign companies to take control of Spanish companies.
The National Securities Market Commission (CNMV) decided, after mid-session this Tuesday, to “suspend as a precautionary measure” the listing of Talgo shares.
The stock market regulator took this decision “with immediate effect, under Article 64 of Law 6/2023 of March 17. […] while relevant information about the above-mentioned entity is disseminated.”
At the time of the suspension, the railway manufacturer’s shares fell by 1.05% to 4.255 euros.
Talgo’s stock market performance in 2024 is not positive. In fact, since the beginning of the year, it has lost 3% of its market value despite its involvement in a possible commercial operation.
As evidence of the market’s doubts about the success of Magyar Vagon’s takeover bid, Talgo shares never reached the 5 euros offered by the Hungarian group.
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