The Polish Development Fund, or PFR, is considering launching a takeover bid for Talgo shares to merge the Spanish train maker with its Polish rival Pesa Bydgoszcz, which it controls, El Confidencial reported.
PFR, Société Générale and Talgo did not immediately respond to requests for comment.
Since Hungary's Ganz-Mavag consortium withdrew a €619 million ($637 million) takeover bid for Talgo in August, following the Spanish government's opposition to the deal, other potential buyers have approached the company.
Talgo said in October that Basque steelmaker Sidenor had entered into talks about possibly acquiring a stake.
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(Reporting by Inti Landauro; editing by David Evans; edited in Spanish by Javi West Larrañaga)