CÉSAR URRUTIA MADRID

MADRID

Updated Friday, March 8, 2024-02:18

With Minister

Carlos Corpus

in Latin America and the head of Transport busiest in the Civil Guard's investigation into the corruption plot within his department, the Hungarian Government yesterday took advantage of the agreement to approve the Amnesty Law on the independence movement to present to the CNMV your interest in acquiring 100% of Talgo.

The train manufacturer, Renfe's main supplier, has been considered strategic by the Government of

Pedro Sánchez,

which will now activate all its levers to prevent the operation even if it is welcomed by shareholders.

Ganz Mavag Europe, the company that has notified its interest in purchasing Talgo, is made up of 55% by Ganz Mavag Holding, owned by Magyar Vagon and 45% by

Corvinus, 100% owned by the Hungarian State and managed by the Ministry of Economy of the Government led by Viktor Orban,

.

Thus, although the majority of the buyer is private capital, it is the Hungarian State that finances the operation.

Now, the Ministry of Economy led by Carlos Body must wait for the company to request authorization from the Government in an additional process to inform the CNMV.

From there, it will be time to investigate and argue why it rejects the purchase of a company that has the strategic label attached to it, as

Telefónica has attached it to the entry of the Saudi STC.

Unlike STC, Ganz Mavag assures that he has not bought a single Talgo share since his interest in the train manufacturer was revealed in November.

But the fact that he formally presents his letters to the CNMV is already a challenge.

At the moment, the Corps has the Foreign Investment Board (JINVEX), an internal inter-ministerial body with which it will analyze investors interested in Talgo to determine a veto that

Óscar Puente

has already advanced .

Jinvex will analyze whether, as Puente himself pointed out last Wednesday, there are "Russian investors" behind the purchase.

Among the members of the body is the CNI.

If Economía vetoes the purchase, the train manufacturer's shareholders will be deprived of an opportunity to liquidate an investment that, they estimate, has a 41% premium over the price paid for Talgo before November.