The Spanish government has rejected an offer from the Hungarian group Ganz-Mavag to acquire Talgo, the renowned Spanish railway manufacturer. The decision, announced on Tuesday, was based on concerns over “insurmountable” risks to Spain’s strategic interests and national security, according to the EFE news agency.
The Hungarian consortium’s bid aimed to purchase 100% of Talgo’s shares, valued at approximately €620 million. However, Spanish law requires government approval for foreign investments exceeding €500 million. The refusal, decided during a government meeting following advice from the Council on Foreign Investments, underscores the importance Spain places on protecting key national industries.
The Ganz-Mavag group had formally submitted its offer to Spain’s National Securities Market Commission (CNMV) on April 4, proposing to buy Talgo at €5 per share. Despite this, concerns were raised within the Spanish government about the close ties between the Hungarian investor and Prime Minister Viktor Orban’s administration, leading to fears over the implications for Spain’s strategic infrastructure.
With the Hungarian bid now off the table, attention has shifted to other potential buyers. Speculation is growing that Poland might step in, particularly given its ambitions to develop high-speed rail networks. Polish Deputy Infrastructure Minister Piotr Malepszak has hinted at Poland’s interest in the situation. Additionally, Czech companies have also expressed renewed interest in acquiring Talgo.
This development opens the door for a possible Polish acquisition, which could significantly impact the future of high-speed rail in Central Europe.