Spain: This is what IRJ writes with reference to a letter from the company’s board of directors.
The Spanish manufacturer points out that Škoda Group’s offer cannot compete with that of Ganz-MaVag and the Hungarian state foundation to support foreign investments Corvinus.
The Czech manufacturer plans include to merge the companies and offer Talgo shareholders an appropriate number of shares in Škoda Group in exchange for their shares in the Spanish company. Meanwhile, Ganz-MaVag is ready to buy 100% for €620 mln, which, according to the Talgo’s board of directors, will ensure the company’s financial viability.
Petr Novotný, Škoda Group chairman and CEO, has told Cinco Días that his company is ready to make another proposal after the evaluation. He also has mentioned that the option of buying shares could also be considered.
The process to sell 100% of the shares in the Spanish manufacturer started last year. Ganz-MaVag’s offer has been approved by the Spanish National Securities Market Commission and is acceptable to Talgo’s current shareholders, Trilantic and Torreal. However, the Spanish government has expressed its opposition to the bid of the the Hungarian company. The Spanish newspaper ABC has recently revealed that minority shareholders have threatened to sue the government over the delay in approving the deal.
