Magyar Vagon informs the CNMV of the withdrawal of its takeover bid for Talgo and will appeal the Government’s veto to the Supreme Court

He does not rule out relaunching the takeover bid later

Aug. 30 () –

The Hungarian consortium Ganz-Mavag (Magyar Vagon) has notified the National Securities Market Commission (CNMV) of the withdrawal of its Public Takeover Bid (OPA) for shares in 100% of Talgo, following the veto by the Government.

The Hungarians consider that this decision of the Executive “lacks the slightest motivation and leaves them completely defenseless,” and will therefore file an appeal against the decision of the Council of Ministers before the contentious-administrative chamber of the Supreme Court.

Furthermore, Magyar Vagon does not rule out submitting another offer to acquire 100% of the Spanish company, depending on how the circumstances evolve.

((THERE WILL BE AN EXTENSION))