British venture capitalist bids for Hungary's rail freight business Mav Cargo
Thomson Financial: 23 July 2007
Budapest - UK-listed asset manager Ashmore Group has submitted an indicative offer in the privatisation of Hungarian rail freight business Mav Cargo, according to a MAV Cargo press release today.
The bid was submitted by the Ashmore Global Special Situations Fund 3, according to the release.
The value of MAV Cargo has been estimated at 70-80 bln forints. The company is touted as a key logistics asset in Europe's fastest growing economies.
The company has attracted twelve bidders, including German and Romanian state railways, as well as a host of strategic and financial bidders.
These include International Railway Systems SA, backed by Babcock and Brown, Euroventures and Lehman Brothers, Rail Cargo Austria, and US-based Rail World.
MAV Cargo says it will choose the best five bidders by mid-August. These will then progress to the second and final round in mid-October.