MADRID, Mar 7 (Reuters) - A Hungarian consortium, which includes state fund Corvinus, has launched a 619 million euro ($677 million) takeover bid for all the shares of Spanish train maker Talgo, in a deal that will face tough scrutiny from the Spanish government.

The Ganz-Mavag consortium, which also includes the Magyar Vagon railway group, is offering 5 euros per share in cash, it said Thursday in a notice to the Madrid stock market regulator.

The Spanish government has already said it will carefully study the transaction, as it considers Talgo a strategic asset.

"This is a company that operates in a strategic sector that has a fundamental role in rail mobility," Industry Minister Jordi Hereu said Thursday.

"We are always going to defend strategic industrial projects and jobs," he said.

Talgo had a market value of 525 million euros at Wednesday's close.

The Spanish company said in a statement that its board will wait to see the bid prospectus and analyze it in detail, adding that maintaining employment and industrial capacity in Spain, as well as its headquarters in the country, will be among the issues that will play a key role in its review.

The bidding consortium has committed in the dossier to comply with these conditions and to maintain the headquarters, jobs and activities in Spain. Should the bid be successful, Talgo will not apply for delisting.

"Talgo's board of directors has unanimously confirmed that the offer is amicable and that the consideration offered is attractive to Talgo's shareholders, expressing a preliminary favorable opinion on said offered price, without prejudice to the report that the board will issue in due course," the company said in a statement to the CNMV.

The offer has the support of Talgo's main shareholder, private equity fund Trilantic, which owns a 40% stake in the company, according to the notice.

The train manufacturer went public in May 2015 at a valuation of €1.25 billion.

($1 = €0.9147)

(Reporting by Pietro Lombardi; editing by Inti Landauro, David Latona and David Evans; Spanish editing by Javi West Larrañaga)