The railway company Renfe has chosen MSC as its new partner for relaunching its subsidiary Renfe Mercancias, specialized in rail freight. The Aponte group is to purchase at least 50% of its capital.
Spanish media report that Renfe has taken the first step through its Board of Directors. The operator is currently waiting for the proposal to be approved by the Government’s Delegate Committee for Economic Affairs and, subsequently, by the Council of Ministers. In the meantime, Renfe and Medlog (MSC’s company) will begin the due diligence process and the audit of the assets included in the sale.
According to sources quoted by Eleconomista.es, the cost of the transaction is expected to be around 200 million euros. With the sale of its shares, the up-to-now entirely public company hopes to get back on track after accumulating a loss of €38 million in 2022.
MSC’s move, on the other hand, shows it is continuing to pursue its vertical integration strategy between shipping and logistics activities, in view of becoming a fully-fledged logistics operator with a specialization in rail cargo transport.
Translation by Giles Foster
