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Dozen offers received for MÁV Cargo

Deals

According to MÁV Zrt, a total of 12 non-binding offers were received until yesterday’s deadline for the public tender for the entire portfolio of railway cargo transport spin-off MÁV Cargo Zrt.

Deutche Bahn AG, Germany's state- owned railway, is among the 12 interested parties, but Czech, Austrian, Romanian and Slovakian applicants have also made offers in this first round of the procedure. A total of 5 applicants will be selected for the second round. The main selection criteria in this first round is the offer price, followed by the opportunity to increase operative efficiency at MÁV Cargo.

The five contestants to continue in the race will be announced by mid-August, and will have to submit binding offers until the end of the second round, October 19. MÁV Cargo worth was estimated at Ft 70-80 billion, it currently employs 3200 people and realized Ft 93 billion turnover in 2006, with profits of Ft 2.8 billion.

Other bidders include Rail World Inc., a US railway investment company, investors such as Ashmore Group Plc, Babcock & Brown Ltd. and Lehman Brothers Holdings Inc., the state train operator, Magyar Államvasutak Zrt, said on its Web site today. (NG 4, GR, Ham)

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