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Talgo

Polish Government in Talks to Acquire Spanish Train Manufacturer Talgo

The Polish government is in negotiations with the cabinet of Spanish Prime Minister Pedro Sánchez to purchase the Spanish train manufacturer Talgo, according to Business Insider Polska. The objective of this acquisition is to establish a domestic producer of high-speed trains to supply rolling stock for Poland’s new high-speed rail (HSR) lines under the “Solidarity” project. A government source indicated that one of the companies directly or indirectly controlled by Poland’s State Treasury could be involved in the acquisition of Talgo.

Speculation about Talgo’s potential change in ownership first surfaced in autumn 2023. A Hungarian consortium, Ganz-Mavag, emerged as the sole prospective buyer and in early March submitted a €619 million offer to the Spanish stock market regulator CNMV to acquire 100% of Talgo. However, the deal would require approval from the Spanish government due to Talgo’s status as a strategic national company.

Spain’s Minister of Transport, Óscar Puente, opposed the Hungarian takeover, stating that the government would do everything possible to prevent Talgo from falling into the hands of Ganz-Mavag. The main issue is political: 45% of Ganz-Mavag is owned by Corvinus, a Hungarian state investment company. Spanish media reports have highlighted concerns that Hungary’s government could control Talgo under Viktor Orbán, whose policies have been seen as unfriendly towards the European Union.

On July 15, 2024, Czech company Skoda sent Talgo a letter proposing industrial integration and business consolidation, without providing details. After Talgo’s board requested clarification, Skoda submitted a more specific proposal, which was ultimately rejected. By late August, the Spanish government also opposed Ganz-Mavag’s bid to acquire Talgo.

At the InnoTrans 2024 exhibition in late September, Talgo and Poland’s Pesa signed a memorandum of cooperation to produce high-speed trains for Poland. The potential order could range from 100 to 200 trains, capable of speeds up to 250 km/h. Poland plans to begin purchasing rolling stock in 2025 for the “Solidarity” transport hub project, which includes the construction of 2,000 km of HSR lines.

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