01 Agustus 2015

[010815.EN.BIZ] Portugal Sells Cargo Rail Firm To MSC, Scraps Smaller Sale

MSC RAIL, a unit Italian-Swiss shipping giant Mediterranean Shipping Co (MSC), has won the privatisation bid for the cargo division of Portugal's railway CP for EUR53 million (US$58.14 million), Reuters reported.

Portugal has implemented a state property sell-off under its 2011-2014 bailout deal with EU and IMF creditors. Most privatisations have been completed, exceeding Lisbon's revenue target.

Money is needed to capitalise the indebted CP Carga, The winner will also lease locomotives and railway cars to CP, said State Transport Secretary Sergio Monteiro.

Also vying for CP Carga were Portuguese holding company Cofihold and private equity firms Springwater Capital of Switzerland and locally-based Atena Equity Partners.

The government also decided to cancel the sale of state-owned railway equipment maintenance firm EMEF due to a probe of possible state aid to EMEF launched by European authorities after a complaint by its competitor.

The government had received one binding bid for EMEF from France's Alstom. Local media said Canada's Bombardier had complained to Brussels about state aid to its competitor EMEF. Monteiro would not name the plaintiff, but said the complaint was a serious threat to EMEF's future.

Source : HKSG.

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