Spain: The National Securities Market Commission, CNMV, has announced that a Hungarian business group offered Talgo to buy all its shares.
The news agency EFE, with reference to its sources in the industry, named Dunakeszi Járműjavító Kft., DJJ Group, as a potential buyer, while the newspaper La Información says that negotiations on the acquisition of the manufacturer are already underway. DJJ Group itself hasn’t made any public statement at the moment.
DJJ Group currently operates a car-building plant in Dunakeszi. Last year, the group was acquired by the Hungarian business group Magyar Vagon from TMH, and now continues to supply passenger cars to Egypt under the contract concluded by TMH in 2018.
Talgo faced negative financial results at the end of last year, with revenues down 15.5% and backlog down 15.4%. However, the Spanish manufacturer is showing signs of recovery after nine months of 2023. Its backlog has more than doubled from €2.7 bln to €4.1 bln, and revenues are at €470 mln, the same as for the whole previous year. The company is known for its unique solution, single-axle bogies for passenger rolling stock, which has a negative impact on sales as it creates difficulties in operation and maintenance issues.
