The Hungarian group Ganz Mavag (Hungarian Vagon) deleted the oppa who had launchedfor 620 million euros to control 100% of the railway manufacturer Talgo, after the Spanish government vetoed its offer on Tuesday.
According to sources close to the Hungarian group consulted by ‘EFE’, the decision was adopted at the meeting held Thursday in Budapest by the consortium’s board of directors. Ganz Mavag has agreed to withdraw its oppa And maintain a legal strategy against the decision of the Spanish governmentand does not waive the right to submit another offer in the future to acquire Talgo.
Last Tuesday, the Spanish government vetoed the entry of the Hungarian group into Talgoconsidering that there were strategic interests and “insurmountable” national security reasonsThe Council of Ministers, in its first session after returning from vacation, ratified the position of the Foreign Investment Council (a multi-ministerial body headed by the Ministry of Economy) against the takeover bid for “insurmountable” reasons of national security, which The government has not revealed why it decided to declare the information contained in this case classified.
For its part, the Hungarian consortium announced that it would appeal the decision in all possible instances, both in Spain and in Brussels, according to sources from the group told EFE. However, Spanish executive says it is supported by Brussels in its veto of the public takeover bid of the Hungarian public-private consortium, since the European Commission (EC) declared on Thursday that it is a decision that corresponds to Spain and that it is not necessary to communicate it to the Community Executive.
“The prerogative of these decisions lies with the Member States. “We have no specific comments.”said the community’s spokesperson, Francesca Dalboni, at the Commission press conference. Dalboni recalled that European legislation allows Member States to “restrict” free movement within the European Union (EU) for reasons of public security, although the measures adopted must be “justified and proportionate”.
