talgo

Spanish economy 7th March 2024

Government, suspecting Russian interest, to use ‘anti-takeover shield’ to stop Hungarian takeover of Talgo

The Minister of Transport, Óscar Puente, yesterday revealed his intention to do “everything possible” to reject the Hungarian takeover bid for Talgo, and made it clear yesterday that the Government will play the ‘anti-opposition shield’ card to prevent the entry of the Hungarian group Magyar Vagon (Ganz-MaVag) in the train manufacturer Talgo as it doubts the origin of the funds that will finance the operation, valued at more than €600…

European economy 22nd February 2024

Spanish Government examines Magyar Vagon’s takeover bid for Talgo to ensure it retains strategic control over the company

Renta 4| The Minister of Industry and Transport has confirmed that they consider Talgo to be strategic for Spain and are therefore studying in detail the conditions of Magyar Vagon’s takeover bid for the company. In this sense, they commented that this does not mean that the anti-takeover shield will be activated, but rather that the operation will be approved as long as there is full conviction that strategic control…

Spanish economy 14th February 2024

Talgo confirms possible takeover bid talks at €5/share: recommendation from Buy to Sell

Hungarian consortium Ganz-MaVag Europe Zrt. (Magyar Vagon) confirmed on Friday that it is holding talks and negotiations for a possible takeover bid for 100% of Talgo (TLGO) at €5/share without an agreement having been reached yet. The talks focus on the financing of Talgo (TLGO) subject to change of control. As the National Securities Market Commission (CNMV) does not allow the offer to be made subject to the condition of…

Relevant News Item 9th February 2024

Hungarian company Magyar Vagon prepares €632 million takeover bid for Talgo

When it rose more than 9% on the stock market, the National Securities Market Commission (CNMV) yesterday suspended the listing of the Spanish train manufacturer controlled by Trilantic after four months waiting for the industrial investor, Magyar Vagon, linked to the Government of Viktor Orban, to launch the takeover bid for it. The cash takeover bid for 100% of Talgo consists of a payment of €5 per share, which is…

Spanish economy 24th January 2024

Talgo concludes buyback programme with acquisition of 2.5 million shares representing 1.99% of share capital

Link Securities | The railway manufacturer informed the National Securities Market Commission (CNMV) yesterday that, following the latest acquisitions reported yesterday, it has reached the maximum monetary amount established in the Buyback Programme, having invested €9,999,521.35 and acquired a total of 2,517,562 shares representing 1.99% of Talgo’s share capital. Thus, the company announces the completion of the Buyback Programme. Talgo is currently bidding for a contract from state-owned operator Deutsche…

In Europe 21st December 2023

Talgo among candidates to participate in Germany’s largest-ever train order

Link Securities | The German government, through Deutsche Bahn (DB), has launched the largest train order in its history, with the aim of improving service quality, according to Expansión newspaper. Thus, it wants to sign a contract programme for up to 95 units of ICE high-speed trains, with a first order of 33 trains to be put into operation in 2030. In terms of volume, it is an investment budget…

European economy 13th December 2023

Talgo competes with CRRC for Bulgaria’s largest ever train order

Link Securities| Talgo (TLGO) and the Chinese giant CRRC, the world’s largest train manufacturer, are vying for a €613-million order to build 20 medium-distance electric units for Bulgaria’s railways, the business and finance daily Expansión reports on Tuesday. It is the largest train order ever placed by the country and is financed by the European Union’s NextGen funds. According to the information provided to the Bulgarian Ministry of Transport, CRRC…

In Europe 21st November 2023

Takeover bid again highlights possibility of corporate operation in Talgo, subject to Trilantic’s approval

Banc Sabadell announced last week, reacting to a publication in the press, that it had received a preliminary expression of potential interest in launching a takeover bid for 100% of the company’s shares by a Hungarian business group (a family holding company according to the press) at a price of €5/share, which would represent a premium of +28% over the previous day’s closing price (+43% over the average of the…

In Europe 16th November 2023

Germany, Denmark and Spain projects put Talgo’s 3Q23 revenues higher than 3Q22’s

Norbolsa| The company yesterday presented its 3Q23 results, with revenues of €470.3m, which were +34% higher than in 3Q22, thanks to projects in Germany, Denmark and Spain. EBITDA margin grew by +68% to EUR 64.5m versus 3Q22 to reach 13.7% (10.9% previous), thanks to the implementation of the risk mitigation measures being carried out. Finally, the company improved margin guidance to 13% (12% previous), slightly increased DFN/EBITDA ratio to 2.5x…

In the World 25th September 2023

Saudi railway operator could execute extension of contract for AVE to Mecca, potential benefit for Talgo

Banc Sabadell | The Saudi Arabian rail operator (SAR) has reportedly sent a letter to the AVE to Mecca consortium, of which Talgo (TLGO) is the member in charge of the manufacture and maintenance of the trains, indicating that it could soon execute the option to purchase an additional 20 Talgo trains (part of the original 36-unit contract), a contract that could amount to ~€700 million (~16% of Talgo’s portfolio)….

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