Spanish train maker Talgo approached by Hungarian group, shares soar
Reuters
Published Nov 16, 2023 09:03
Updated Nov 16, 2023 09:36
MADRID (Reuters) -Spanish train maker Talgo's shares soared 16% on Thursday morning after it said an unidentified Hungarian business group had made a preliminary public offer to buy all its shares.
The group would offer to pay 5 euros ($5.42) per share, Talgo said in a filing to the stock market regulator, which represents a 28% premium over its closing share price on Wednesday, when its market value was 495 million euros ($537 million).
"As far as (Talgo) is aware, there is no decision from the investor in relation to the possible public offer of acquisition, nor is there any certainty that it will continue analysing the operation," Talgo CEO Gonzalo Urquijo said in the filing.
A company spokesperson said Talgo would not identify the potential buyer.
Talgo shares were up 15.8% at 4.53 euros at 0922 GMT after resuming trading after being suspended for about an hour.
Spanish news website Lainformacion had earlier reported that a Hungarian industrial group was considering buying Talgo.
Private equity fund Trilantic is Talgo's main shareholder.
Talgo was listed on the Madrid stock market in May 2015 at a valuation of 1.25 billion euros.
($1 = 0.9220 euros)
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Written By: Reuters
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