Talgo: OPA fallida, veto anunciado

  • La información alrededor del veto ha sido declarada como clasificada
  • El ejecutivo rechaza la venta, por motivos de seguridad nacional
  • No se descartan otras ofertas

Este martes, la Comisión Nacional del Mercado de Valores suspendió cautelarmente la cotización de Talgo durante más de 2 horas. Motivado a la vertiginosa caída ocurrida durante las declaraciones de la Junta de Inversiones Exteriores en torno al tema. El Gobierno, decidió no autorizar la OPA que viene andando desde noviembre pasado. Basados en el real decreto 581/2023 del 4 de julio, sobre inversiones exteriores. En virtud de que la empresa estaría siendo adquirida en un 43% por el gobierno húngaro a través del Consorcio Magyar Vagon.

A pesar de que los detalles permanecen como información clasificada, se dió la decisión definitiva de invalidar la oferta. Considerando que la compra «conllevaría riesgos para garantizar la seguridad nacional y el orden público». Así mismo, se destaca que Talgo es una empresa que opera dentro de un sector estratégico fundamental para la cohesión territorial. Por lo que, debía existir el pronunciamiento gubernamental de manera obligatoria, y debía existir también la aprobación de la Comisión Europea, debido a la defensa de la competencia.

En horas de mediodía, cuando la Comisión de Valores aplica la suspensión, ya la empresa se encontraba a la baja por las expectativas del Consejo de Ministros. De esta forma, al levantar la suspensión el mercado se hizo sentir, dejando a Talgo por debajo de 4 euros. Las bajadas alcanzaron 10% para cerrar la jornada con un 8,72% en negativo.

Las expectativas se despiertan

La oferta vetada valoraba la empresa en 620 millones de euros con un nominal de 5 euros por título. Esto había sido aceptado por los accionistas minoritarios y por Trilantic, propietario del 40% del capital. No obstante requería la revisión por parte de la junta para concretar las negociaciones. Ahora bien, este esperado movimiento del gobierno español ha sido cuestionado por los inversores, que aspiraban llevar a termino la OPA.

Finalmente, Talgo enfrenta ahora una profunda incertidumbre. Debida, en primer lugar, a los argumentos del gobierno en cuanto a los posibles vínculos del conglomerado húngaro con Vladímir Putin. Seguido de las posibles actuaciones por parte de la Asociación Española de Accionistas Minoritarios de Empresas Cotizadas. Sin contar las diversas reacciones de otros oferta tes como el Grupo Skoda. Mientras tanto se espera que la ferroviaria pueda estabilizarse en el mercado tras la bajada de esta jornada.


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