The government approved on Thursday by the Cabinet the sale of CP Carga the group Mediterranean Shipping Company (MSC) for 53 million euros. Out of the race the other two applicants were, Athena and Cofihold.
This figure includes the purchase price of the shares of the company (two million euros), the acquisition of credits (MSC will take over all the debts of the CP Carga) and capitalization commitments of the company, said the Secretary of State for Infrastructures, Transport and Communications, Sérgio Monteiro.
In the race the other two applicants were, Athena and Cofihold.
Since the sale of EMEF, who was also scheduled by the executive, and that was the target of Alstom, is “void”.
Sergio Monteiro said that the proposal of MSC was the best offer, compared to 45 million proposed by the investment fund Athena Equity Partner, held by entrepreneurs John Santos, Miguel Vítor Lencastre and Guégués, and 30 million proposed by Cofihold, consortium which has common shareholders of Cofina, Altri and F. Ramada.
The secretary of state also highlighted a ‘factor differentiation “of the MSC Rail proposal: the fact that the company has committed itself to.” not make unilateral re-pricing of CP Carga with customers “
Asked about the issue of workers, the minister said that there is “a general commitment to job security” by the MSC Rail, and that “it is expected that the activity [of CP Carga] grow” in the future.
The MSC has to transfer the CP of cars and locomotives property for CP Carga, amounting to 110 million euros, but committed in its proposal to hold the CP rentals amounting to 16 million euros. It is therefore expected “growth in the number of workers and the productivity and efficiency associated with the CP Carga activity,” said Sérgio Monteiro.
The date of signature of the sale agreement between the CP (which owns CP Carga) and MSC Rail should be held in August, leaving after the winning consortium to obtain the necessary permits, including the assent of the Competition Authority, taking into account that the MSC will go from the CP Carga customer rail operator. The MSC transports containers from the ports of Sines and Setúbal to Bobadela and Entroncamento, making it one of the most important customers of CP Carga.
The privatization of CP Carga, which was first announced in 2011, was provided for in the financial assistance program for Portugal, unlike the privatization of EMEF. The model chosen was that of direct sales, which allowed the government to negotiate with the candidates improvement on the original proposals.
Restructuring EMEF
Treasury Secretary of State Isabel Castelo Branco, explained that the suspension of the privatization of Railway Equipment Maintenance Company (EMEF) “was not due to demerit” the only candidate of the proposal, the French Alstom, but the process that runs in Brussels for alleged State aid which have been provided through the CP, the CP Carga.
This research “puts contingencies” value and date unknown about the privatization process that can affect the value of fitting the privatization, said the minister.
With the suspended privatization, the setting for EMEF is less optimistic than for CP Carga. Sergio Monteiro said that the CP will be asked to deliver promptly to the Government a restructuring plan which ensures a balance between income and expenses “for the EMEF never again have cash flow problems, or have to go into debt with the bank.”
It is a “plan to try to avoid liquidation,” said the official, admitting “a strong adjustment” in terms of the company’s staff. “It was a scenario that we wanted to avoid with privatization,” he added.
As for the process that runs in Brussels and was espoletado by Bombardier, Sérgio Monteiro defined it as “an abuse made by a competitor wants to eliminate the market EMEF “. Bombardier EMEF accused of having received illegal aid of 90 million euros.
Sergio Monteiro assured that the Government “has been in contact with the European Commission to make the defense” about the charges.
I recently got to know that the Court of Auditors (TdC) refused the visa to 11 contracts between CP and EMEF, amounting to 354 million euros, having been traded while stemmed the privatization process the maintenance company.
These contracts, with durations ranging up to ten years, lent recipes guaranteed to the future buyer, so the TB found that could put the private investors who stay with the company.
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