Czech CD Cargo eyes majority stake in Polish peer PKP Cargo.

By bne IntelliNews March 29, 2011
Czech state-owned freight railway operator CD Cargo plans to bid for a majority stake in Polish peer PKP Cargo, E15 daily informed quoting CD Cargo supervisory board chairman and deputy transport minister Martin Sykora. Polish railways PKP Minuly Tyden has put up for sale 50% plus one share in PKP Cargo. The value of the stake is estimated at CZK 13bn (EUR 530.8mn). Preliminary offers will be accepted by May 12 after then selected bidders will be allowed to make due diligence. PKP Cargo, considered to be the second biggest cargo unit in Europe after Deutsche Bahn, transported 120mn tonnes of goods in 2010. CD Cargo, a subsidiary of state-run railway company Ceske Drahy (CD), reported a loss of more than CZK 400mn in 2010, but expects to return to profit this year.

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