MADRID, Mar 25 (Reuters) - Trilantic Capital Partners, Talgo's majority shareholder, has initiated talks with Switzerland's Stadler to launch a counter-bid for the Spanish railway company, in view of possible difficulties facing the ongoing bid by a Hungarian consortium, according to El Economista.

The financial media, which bases its information on unidentified sources, indicates that the British investment fund has found in the Helvetic Stadler a possible buyer "that could complement its product range with Spanish high-speed and variable gauge technology".

In early March, a Hungarian consortium, which includes state fund Corvinus, submitted a €619 million ($677 million) takeover bid for all the shares of Spanish train manufacturer 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 per share in cash.

According to El Economista, Trilantic's move would be motivated by the alleged rejection of the Hungarian offer by the Spanish government, which has said it will carefully study the operation as it considers Talgo a strategic asset, since it provides access to sensitive information on the country's railway network and, therefore, to national security.

Ganz-Mavag's takeover bid is supported by Trilantic, which owns a 40% stake in the company.

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

On Monday, Talgo shares were reacting to the news with a 3% rally to €4.37.

(Reporting by Tomás Cobos and David Latona)