Talgo hopes to avoid compensation of 116 million to Renfe for the delay of the Avril trains

It is expected that the trains will enter service before May

MADRID, 4 Mar. (EUROPA PRESS) -

Talgo considers "remote" the possibility that it will finally have to pay Renfe the compensation of 116 million euros that the public operator requested for the accumulated delay of the Avril trains, which had to be in operation from the summer of 2022 in the Spanish roads.

In its annual financial results report, the train manufacturing company defends that Renfe has not yet formalized this claim, which leads it to think that it is "remote that this risk will materialize."

Talgo already expressed its disagreement with this claim at the time, alleging causes of force majeure, including drops in production and interference in the supply chain generated by Covid-19 and other geopolitical events, as well as other causes exogenous to the company.

All these circumstances caused a series of delays in the testing and approval processes of the trains and the company is still making communications to its client to update the allegations against this compensation.

Talgo explains in its results report that during 2023 it continued carrying out the testing phases of the 30 Avril high-speed trains for Renfe, focusing activities on the on-track testing phase of the trains for their certification in Spain and France.

It is expected that these trains will be in service in the first four months of the year, compared to the promise of the Minister of Transport and Sustainable Mobility, Óscar Puente, who indicated that they would be operating before March 31.

Renfe is eager to receive these trains, since they will allow its AVE services to reach all of Galicia beyond Ourense, and to Asturias past the Pola de Lena station without making transfers. The tickets, according to the Government's promises, had to be on sale since last Friday, but they are not yet available.

All this is happening while the company is still pending a possible Public Acquisition Offer (OPA) by the Hungarian group Magyar Vagon to acquire 100% of the company for 617 million euros.

Magyar Vagon was about to formulate this takeover bid a few weeks ago, but the National Securities Market Commission (CNMV) found a regulatory problem with it, that banks can cancel their loans with Talgo if the owner of the company changes.

For this reason, the Hungarian group is negotiating this clause with the entities to find a solution and finally be able to process the operation. In the company's accounts there are 23 entities with credits of 329 million euros.