State to buy Bombardier's stake in JV with MÁV
The Hungarian National Asset Management Company (MNV) has signed an agreement to buy out a foreign-owned stake in Bombardier Transportation MÁV Hungary, a joint venture between the rolling stock maker headquartered in Germany and the Hungarian railways, the National Development Ministry said on Friday.
Bombardier Transportation is the rail equipment division of the Canadian firm Bombardier Inc. The government announced on Thursday that the transaction is of “national strategic significance”, and so it is exempted from the scrutiny of the Competition Office.
The price of the transaction was not disclosed in the ministry's statement. The transaction was made based on a decision by the National Development Ministry. The ministry said the acquisition would ensure the future employment of the staff of almost 370 at the company. MÁV holds 25% of the JV.
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