Croatia creates new motorway maintenance company, to sell railway firm HZ Cargo.

By bne IntelliNews December 19, 2012
The government in Zagreb plans to merge the Croatian motorway operator (HAC) and the Rijeka-Zagreb motorway operator (ARZ) into a new company, which is expected to become functional as of January 1, 2013, news agency HINA quoted transport minister Sinisa Hajdas Doncic as saying. Croatia also plans to offer for sale up to 75% in rail company HZ Cargo, Doncic added. He said that the new motorway maintenance operator, to be called HAC-ONC, will aim to cut cost of motorway maintenance by 20-30%. The government is expected to decide on the HAC-ONC establishment this week. Regarding HZ Cargo, Doncic said that Croatia will publish this week an invitation for a due diligence review of the company in Financial Times. After that the government will invite non-binding bids for the purchase of the respective stake in HZ Cargo. In the meantime, the current management of the company will continue the ongoing overhaul and agree on severance payments to 800-1,000 workers.

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