September 19, 2018

CFR Marfa privatization new deadline

According to a Mediafax newswire report, the privatization conditions of Romania’s CFR Marfa have been published through a government decision in the Official Gazette. The sale of the majority stake (51 %) in the freight operator has to be completed by mid-October. Also, privatization bid winner GFR has to abide to a fresh raft of rules.  GFR will have to deposit EUR 20 million in an escrow account, which is 10 % of the privatization price, and receive the green light from the Competition Council before it can take possession of CFR Marfa. The company has already paid a tender guarantee of EUR 10 million. GFR’s owner said last week in a broadcasted appearance that he already had a “significant part” of the funding necessary to complete the deal.

Source: Business-Review (read more)

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