The Hungarian group Ganz Mavag (Magyar Vagon) intends to to appeal before the Contentious-Administrative Chamber of the Supreme Court against the government veto Spanish to your Takeover bid for Talgo“urging his nullity and compensation for all damages and losses caused.
According to the company, the decision of the Council of Ministers last Tuesday reject their buyout offer for 100% of the share capital of the Spanish railway equipment manufacturer “lacks any motivation and produced to the most absolute offerer impotence“.
The group, which assures that its public purchase offer on Talgo “complies with all legal requirements in force and that There is no well-founded reason for the government’s opposition of Spain”, communicated this Friday to the National Securities Market Commission (CNMV) its intention to initiate “all legal actions within its reach, both at national level and within the European Union”.
In particular, and without prejudice to any other legal actions appropriate, Ganz Mavag intends to file the aforementioned contentious-administrative appeal before the corresponding chamber of the Supreme Court, for which it has a legal deadline of two months. During this period, the group will analyze and determine the appropriate actions to defend its legitimate interests, including the request of the precautionary measures which, where appropriate, are appropriate.
“All of the above, as mentioned above, without prejudice to other actions that may be taken in other cases, including before the competent bodies of the European Union,” he added in his statement to the Spanish regulator.
However, given the serious harm that the Executive’s veto causes to its legitimate interests, the uncertainty it poses regarding the terms of the offer and the costs of maintaining its validity, Ganz Mavag has informed the National Securities Market Commission (CNMV) of its decision to to refrain from it.
