Spanish train manufacturer Talgo has received an offer to merge from Czech rival Skoda.
In a statement, Talgo said the offer from Skoda was "a business merger and industrial integration, lacking a financial offer" and it was looking for more clarity. A number of sources say that the Czech company has proposed partial integration between the two.
Talgo has asked Skoda for more details to see if the deal is more appealing to shareholders than a previous bid made by Gang-Mavag Europe Zrt.
Hungarian consortium Gang-Mavag four months ago launched a public offer of €619m in cash for all Talgo shares at €5 per share.
When that offer was made, Talgo's board of directors issued a statement saying: "The Board of Directors of Talgo has unanimously confirmed that the offer is friendly and that the consideration offered is attractive for Talgo’s shareholders."
With this latest offer, the Spanish train manufacturer wants more clarity "on Skoda's industrial and financial capabilities". According to Reuters, the Spanish government says Talgo is a strategic asset, so it will look carefully at the deal.
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