Hungarian Magyar Vagon asks CNMV to protect its takeover bid for Talgo from Skoda's tactics

As market sources have indicated to Europa Press, the Talgo Skoda board of directors has given a deadline until Thursday July 25 to provide more information about the offer. As of this publication, the offer is limited to a 'combination of business and industrial integration'.

Of course, the Czech carmaker could also wait for the executive to veto Magyar Vagon's takeover bid, giving it free rein to set up a similar operation from the start, with the approval of the Spanish government. This veto could happen around August 10, 2024although the executive could postpone the decision even longer. However, in order to implement this, the refusal must be well-founded or based on the Hungarian could submit this to judicial and European authorities to defend their right to the takeover bid.

What alternatives does the Skoda company have?

The CNMV has avoided commenting on this operation, although it wanted to remember the rules regarding actions which must be respected once a takeover bid is effective. This includes the obligation that the alternative interests for the first submitted takeover bid, i.e. that of Magyar Vagon, must offer another interest. for a higher priceIn this case, the price must be higher than five euros per share, which is the offer of the Hungarian company.

The Skoda company, in turn, would have another alternative. It would involve a merger without a takeover bid. But that is not feasible at the moment, as the CNMV would have to exempt it from making a takeover bid as long as its objective has no control over the Spanish company. But Pegasus, the main shareholders who want to sell the shares of the Spanish company, holds 40%. In the same way, Talgo would then have to call an extraordinary meeting approve the operation and meet the required passivity, which is not likely. The only viable alternative for the Czechs at this point is therefore either pay more to take over the company or that the executive branch vetoes the operation that there is already talk of Talgo.

Talgo prefers the Hungarian company

French President Emmanuel Macron in a file photo. EP.

Sources close to the operation have assured Europa Press that Talgo's board of directors prefers to continue with the Hungarian takeover bid. Firstly, because it has financial support, as it has already offered the guarantees that provide the cover the 620 million euros What would this operation cost? Secondly, because the consideration implies a significant bonus for shareholdersHowever, the Spanish company he didn't say anything about it.

One of the controversies of the operation lies precisely in the fact that the agents were involved They have spread very little information about the OPA. In fact, only Magyar Vagon has held a press conference for the two companies involved. For his part, Óscar Puente, Minister of Transport and Sustainable Mobility, has already indicated that he would “do everything possible” to stop the operation on Talgo. And Skoda has also declined to comment, as have CriteriaCaixa and Escribano's office.

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