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The Hungarian government signed the contract to sell MAV Cargo, the freight arm of state railway MAV, to Rail Cargo Austria and Austro-Hungarian company GYSEV.
MAV Cargo chief Miklos Kamaras said the consortium comprising Rail Cargo Austria and GYSEV will pay US$593 million for the shares of MAV Cargo, and will invest up to $252 million in developing the privatised group.
Kamaras said the Hungarian and Austrian competition authorities still had to give the green light to the deal and that could take a further four or five months.
Last November, Hungary had picked Rail Cargo Austria, a unit of Austria's state-run railway OeBB, and GYSEV, known in German as Raab-Oedenburger-Ebenfurter Eisenbahn, or ROeEE, as the winners in the second round of the privatisation of MAV Cargo, ahead of rival bidder Spedtrans of Slovakia.
The opposition Fidesz party slammed the privatisation of MAV Cargo, saying that the only profitable division of the state railway had been sold off.
CargonewsAsia
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