Portugal's Long-Awaited Privatization of Former CP Carga Nears Completion

Portugal's Privatization of Former CP Carga Nears Completion

The sale of the remaining 5% stake in the former CP Carga, now known as Medway, is expected to be finalized in the second half of this year. This privatization, one of the longest in Portugal's history, began in 2015 under the government of Pedro Passos Coelho.

A lengthy process:

The Ministry of Infrastructure has confirmed that the final contractual details are being negotiated with the entities responsible for organizing the sale. The process is expected to culminate in a public offering (OPV) open to employees who have worked for Medway for at least three years. This means even those who never worked for CP Carga can purchase shares in the company.

MSC emerges as the winner:

In 2015, the MSC group emerged as the winner of the privatization bid, offering €53 million for the 5% stake, with €2 million allocated to the purchase of shares and the remaining €51 million earmarked for acquiring CP Carga's credits and capitalizing the company.

Key points:

• Privatization started in 2015: The process began during the government of Pedro Passos Coelho but only commenced with the first government of António Costa.
• Sale expected in the second half of 2024: The government aims to complete the sale in the coming months through a public offering (OPV).
• Workers with a minimum of 3 years at Medway can participate: The OPV will allow eligible employees to purchase shares in the company.
• MSC group won the bid: The MSC group, with its €53 million bid, was selected as the buyer of the remaining 5% stake in Medway.

This development marks a significant step towards the full privatization of the former CP Carga, a process that has been ongoing for nearly a decade.