The Madrid government wants to prevent the Hungarian company Ganz-MaVag Europe Zrt from taking over Talgo.
Spanish Transport Minister Óscar Puente announced that the government “will do everything possible” to reject the offer of Hungarian company Ganz-MaVag Europe Zrt. for the Talgo rolling stock factory. The Spanish executive suspects that the government in Budapest, led by Viktor Orbán, is behind the private bid and that the Hungarian consortium may have links to Russia.
The Spanish official’s statement came in response to recent news that the Hungarian consortium Ganz-MaVag Europe Zrt. has managed to reach an agreement with the banks holding the Talgo manufacturer’s receivables.
The Sánchez government has no sympathy for Viktor Orbán and fears that Russian investors or the Hungarian state are behind the intended takeover. Spain consistently claims that the Hungarian consortium’s financial strength is based 55% on András Tombor’s rail investment company and 45% on the state fund Corvinus.
The financial agreement with the banks is only a first step for the Hungarian investor, as political approval is also required: the documentation must be submitted to the Directorate-General for International Trade and Investment of the Spanish Ministry of Economy, which then convenes the Foreign Investment Council. This inter-ministerial body prepares a report and presents it to the Spanish government.
Talgo takeover also rejected by Spanish Industry Minister
Earlier, Madrid’s Industry Minister Jordi Hereu also said that Talgo is a strategic Spanish company and that the government will look in detail at the profile of the future owners.
Ganz-MaVag Europe Zrt. was founded in December 2023. The Chairman of the Board of Directors is György Bacsa and one of the five members of the Board is András Tombor. The sole shareholder and owner of Ganz-MaVag Europe Zrt. is Ganz-MaVag Holding Kft. also established in December 2023.
Ganz-MaVag Holding Kft. is wholly owned by Magyar Vagon Befektetési Vagyonkezelő (MVBV) Zrt. MVBV Zrt. previously owned by Kristóf Szalay-Bobrovniczky (current Minister of National Defence in Budapest) has two owners – Magyar Vagon Invest Zrt. and Solva Industrial Investments Zrt. both owned by the private equity fund Solva II. The latter is controlled by Lead Ventures Alapkezelő Zrt. a subsidiary of Hungarian oil group Mol, which has been reported to have links to Moscow-controlled Russian oligarchs.
Another Russian connection directly targets MVBV Zrt. and specifically its subsidiary Ganz-MaVag International Kft. which until 2018 was called Transmashholding Zrt. and then, from 2018 to 2022, TMH International. After the invasion of the Russian Army in Ukraine and the imposition of European sanctions on Russia, the Russians sold their 50% stake in the company to MVBV Zrt. The owner of the remaining 50% stake is Cato Investments, controlled by András Tombor.
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