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Talgo and Pesa group, Poland’s largest train manufacturer, sign strategic collaboration agreement

Link Securities | Talgo (TLGO) has taken advantage of the Innotrans trade fair in Berlin (Germany) to seal a strategic agreement with the Pesa group, Poland’s largest train manufacturer, according to Expansión newspaper. In the memorandum of understanding signed yesterday, both companies have agreed to carry out exploratory work to prepare future agreements along three main business lines: i) the tender process for the purchase of very high-speed rolling stock…


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Talgo case, a story of a state hijacking

Aurelio Medel (5 Días) | The declaration of Talgo as a “strategic company within a key sector for the economic security, territorial cohesion and industrial development of Spain” is a trap for the company and constitutes a dangerous precedent for other companies, which can fall under the same qualification only with arguments contained in a report declared secret. The course of Talgo’s stock shows how the pompous label of strategic…


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Government rejects Magyar Vagon’s takeover bid for Talgo on “national security” grounds

The Government has decided to reject the takeover bid for Talgo presented by the Hungarian group Ganz Mavag (Magyar Vagon) on the grounds of national security and strategic interests. This has been decided by the Foreign Investment Board of the Ministry of Economy, Trade and Enterprise, which has denied the operation presented by the consortium to take over the entire Spanish train manufacturer for €617 million. “Talgo is a strategic…


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Talgo could sell 20 high-speed trains to Saudi Arabia, adding around €700m to its order book

Banc Sabadell : The company’s CEO reportedly said that the company had intensified its contacts with the Medina – Mecca consortium with the aim of manufacturing and supplying 20 high-speed trains, according to press reports. According to these sources, the company and the consortium have not reached an agreement on the final price of the trains, since the costs have risen substantially from the €35 million per unit that had…


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Renfe to seek financial compensation from Talgo for “serious technical incidents”

Link Securities | Renfe has announced that it will ask Talgo (TLGO) for financial compensation for the “serious technical incidents” that the new Avril (S106) trains are experiencing after their debut last May on Spanish tracks and after accumulating years of delays in their delivery, as reported on Tuesday by Europa Press. Specifically, an Avlo train travelling from Valencia Joaquín Sorolla to Madrid Chamartín Clara Campoamor suffered a breakdown in…


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Hungarian Ganz-MaVag consortium prepared to reserve part of Talgo’s capital for government-designated Spanish partner

Bankinter | The Hungarian consortium Ganz-MaVag is willing to reserve part of Talgo’s capital to a Spanish partner designated by the Government. With this proposal Ganz-MaVag hopes to overcome the Government’s reluctance to approve its takeover bid for Talgo. Between 9 and 10 August, the government must decide on the takeover bid, although the deadline may be extended by three months as more information has been requested. Analysis: This solution…


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Pegaso International, consortium controlling 40.22% of Talgo, inclined to reject Skoda’s offer

Link Securities | According to different sources consulted, the offer of the Czech company Skoda for Talgo meets with the doubts of the majority shareholders of the company, the newspaper elEconomista.es reported yesterday. Pegaso Internacional, the consortium that controls 40.22% of the railway company through the sum of the stakes of the Oriol family, the family office Torreal and the private equity firm Trilantic Capital Partners, is sceptical about the…


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Czech company Skoda finalizes offer to enter Talgo with support of government

The board of directors of Talgo held an emergency meeting this Monday afternoon, at 8 p.m., to inform its members of the arrival of a “non-binding expression of interest” from the Czech company Skoda Transportation, accompanied by other Spanish players. This operation, sponsored by the Spanish Government, aims to counteract the bid of the Hungarian consortium Magyar Vagon, which has offered €619 million for 100% of the company and which…


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Talgo highlights company’s international projection outside takeover bid: most revenues will be international in coming years

Alphavalue/DIVACONS | Talgo (TLGO) held its General Shareholders’ Meeting on Thursday. Talgo’s president, Carlos de Palacio, acknowledged the need to strengthen the train manufacturer’s industrial area in order to avoid further delays in deliveries and to be able to face with guarantees a record order book of over €4 billion. Talgo’s president also highlighted the company’ s international projection outside of the takeover bid, assuring that in the coming years…


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Government promotes counter takeover bid for Talgo

The Minister of Transport, Óscar Puente, assures that the takeover bid for Talgo by the Hungarian consortium led by the Magyar Vagón group, which in the past had corporate links with Russian companies, enters the geopolitical scene, since TALGO’s movable axle patent is “critical” in areas such as the Baltic countries where the main concern is “military mobility”. “The context is not easy and Talgo has very sensitive material…. “It…