The Hungarian consortium Ganz-Mavag (Magyar Vagon) met this Thursday afternoon to withdraw the Public Acquisition Offer (OPA) for shares that it had launched to buy Talgo, after the veto received by the government of Pedro Sanchez to the operation.
According to sources close to the consortium, the communication to the National Securities Market Commission (CNMV) announcing that it was withdrawing the offer should have been made this afternoon, but it is not expected to be communicated to the market until this Friday.
In any case, the decision has already been made and the offer will be withdrawn, according to the same sources.
This decision will allow the CNMV to abandon the operation, since the regulator needed a communication from the offeror (Magyar Vagon) to proceed with the closing of the operation, which was admitted for processing a few months ago.
In any case, Magyar Vagon is considering appealing the government’s decision. In the meantime, once the way is clear, Czech company Skoda will now be able to continue negotiations with Talgo for the merger of their businesses, provided that Talgo’s management is open to it, according to the Ep report.
The company rejected Skoda’s offer twice, being more interested in Magyar Vagon’s offer, since Skoda did not intend to control the capital, while Talgo’s major shareholders want to get rid of their shares.
However, once the government vetoed the deal, Skoda was the only company interested in Talgo and the only possibility for Talgo shareholders to leave the company or at least sell part of their capital and be able to expand their industrial capacity.
