SPAIN: Ganz-Mavag Europe has withdrawn its bid to buy 100% of Talgo after the acquisition was blocked by the Spanish government. It said ‘depending on the evolution of the circumstances’ it may consider resubmitting a bid.
The Hungarian consortium’s announcement on August 29 came two days after government blocked the proposed takeover because of confidential concerns about national security.
Ganz-Mavag Europe told the Spanish Securities & Exchange Commission that it believed its bid complied with all legal requirements and there were ‘no well-founded reasons’ for the government’s opposition.
It now intends ‘to initiate all the legal actions within its reach, both at national level and within the European Union, to oppose this decision, which it considers not to be in accordance with the law’, and would seek compensation ’for all the damages and losses caused’.
The consortium said it continues to believe that its bid was attractive for Talgo shareholders and ‘in the best interest of the company and all its stakeholders’.
- The suspension of trading in Talgo shares which the Securities & Exchange Commission implemented because of the government’s announcement on August 27 was lifted later the same day.
