THE Hungarian government is seeking to obtain Austrian construction company Strabag’s 6.2% stake in Győr-Sopron-Ebenfurth railway (GySEV) as a dispute with fellow shareholder, the Austrian government, heads to court.
GySEV is a regional railway that operates cross-border rail passenger services in western Hungary and eastern Austria.
The Hungarian state owns 65.6% of GySEV and the Austrian government 28.2%. Strabag purchased its stake 15 years ago for $US 7m at 2009 exchange rates from Speditions Holding, which was obliged to sell its share in GySEV as a subsidiary of Rail Cargo Group, itself a subsidiary of state-owned Austrian Federal Railways (ÖBB).
Strabag has since offered its shares to the Austrian state but no transaction materialised.
The move comes after the Hungarian state sacked Ms Hana Dellaman, deputy general manager of GySEV and director of the railway’s Austrian branch, on November 2.
The Austrian Transport Ministry argues that the move was unilateral and is contrary to legislation regulating the company. It is now initiating proceedings over the matter against the Hungarian government in a Hungarian court.
Mr János Lázár, Hungary’s minister of construction, wants more influence over the company and according to unconfirmed Austrian sources the Hungarian state made an official offer for the GySEV shares owned by Strabag. With the extra 6.2% of the shares, Hungary would own over two thirds of GySEV, giving it the right to make decisions at board level without the approval of the Austrian state.
GySEV takes over passenger services
GySEV began operation on several regional lines radiating from Zalaegerszeg and Szombathely in Hungary on December 10, taking over from MÁV-Start.
The lines are: Zalaegerszeg - Rédics; Zalaegerszeg - Őriszentpéter/Hodoš (Slovenia); Szombathely - Celldömölk; Szombathely - Zalaegerszeg; and Zalaegerszeg - Nagykanizsa.
MÁV-Start still operates long-distance services over these lines, such as the Citadella IC train to/from Ljubljana, and fast trains between Szombathely and Pécs.
MÁV-Start is also continuing to operate the Budapest - Győr - Szombathely - (Graz) IC services over their entire route in Hungary while GySEV is responsible for operation of Sopron - Budapest IC trains.
