Polish Government Plans Talgo Acquisition to Boost High-Speed Train Production

The Polish government plans to acquire the Spanish train manufacturer Talgo. This was reported by the railway transport news portal Railway Supply.

Negotiations are currently underway with the cabinet of Spanish Prime Minister Pedro Sánchez. This information was reported by Business Insider Polska.

The main goal of acquiring Talgo is to create Poland’s own high-speed train manufacturer. This company would supply rolling stock for the new HSR lines in Poland as part of the “Solidarity” project.

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The Polish government is considering the possibility of purchasing Talgo through one of the companies controlled by the State Treasury of Poland. This was confirmed by a Business Insider source in the government.

Information about a possible change in Talgo’s ownership emerged in the fall of 2023. The main contender for the acquisition at that time was the Hungarian consortium Ganz-Mavag. In March 2024, the Hungarian holding submitted an application to acquire 100% of Talgo’s shares for €619 million. However, since Talgo is considered a strategically important company for Spain, the deal requires approval from the Spanish government.

Spain’s Minister of Transport, Óscar Puente, opposed the deal with the Hungarian consortium. According to him, the Spanish government will make every effort to prevent the company from falling into the hands of Hungarian investors.

The issue has a political dimension, as 45% of Ganz-Mavag shares are owned by the Hungarian state company Corvinus. Spanish media reports suggest that the authorities are concerned about the possible influence of the Hungarian leadership on this strategic company, especially given the political stance of Hungarian Prime Minister Viktor Orbán.

In July 2024, Skoda proposed a business integration with Talgo, without providing specific terms. Ten days after Talgo’s board of directors requested more details, Skoda clarified its offer, which was ultimately rejected. At the end of August, the Spanish government also rejected the Hungarian consortium’s offer to take over Talgo.

At the InnoTrans 2024 exhibition in September, Talgo and the Polish company Pesa signed a memorandum of cooperation. The agreement focuses on joint production of high-speed trains for Poland.

The potential order is expected to be between 100 and 200 trains, capable of reaching speeds of up to 250 km/h. The first deliveries of trains are scheduled to begin in 2025, as part of the “Solidarity” project, which includes the construction of 2,000 kilometers of HSR lines.

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