Spain’s economy ministry said the acquisition was not authorized because it could present “risks to national security and public order” and pointed to Talgo’s strategic importance for economic security.
The government took the decision based on an opinion issued by the inter-ministerial Foreign Investment Council. The related report is classified.
Ganz-Mávag announced a buyout offer for Talgo on March 7.
The offer was for EUR 5 per share or EUR 619 mln.
Talgo’s board had unanimously confirmed the offer was friendly and that the consideration offered was “attractive” for shareholders.
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