July 09, 2013

CP Carga privatisation delayed again

Written by  Barry Cross
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THE Portuguese government has delayed the privatisation of Portuguese Trains (CP) railfreight unit CP Carga for a third time because it wants to see the financial position of the company improve before it invites bids.

The sell-off was originally due to take place at the beginning of 2012, but was subsequently deferred to the second half of 2012 as part of revisions to the broader privatisation programme. However, in May 2012 the government postponed the privatisation again, this time until September 2013.

The sale of loss-making CP Carga is a condition of Portugal's bailout by the European Union, European Central Bank and International Monetary Fund. The government says it is now analysing with the troika when the best time would be to launch the bidding process.

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