Friday, January 29, 2016

Container Shipping Giant Buys Intermodal Rail Freight Company

Iberian Peninsula Expansion Deal Sealed
Shipping News Feature
PORTUGAL – MSC Rail, a subsidiary of the world’s second largest container shipping line Mediterranean Shipping Company (MSC), has acquired a 95% stake in Portuguese state-owned rail freight operator CP Carga, which the company hopes will open new possibilities for intermodal business expansion in Iberia and beyond. The remaining 5% of CP Carga is being offered to employees working for the rail operator. Giuseppe Prudente, Chief Logistics Officer at MSC, said:

"We have now the chance to put our strategic plan in action, to drive the company towards a bright future and develop it into a major player in the Iberian Peninsula in the coming years. The acquisition and the related investments demonstrate MSC’s unwavering commitment to Portugal and the development of its logistics sector.”

The Portuguese Competition Authority issued their approval for the purchase of CP Carga in December 2015, three months after the initial sale and purchase contract had been signed in Lisbon on the 21st September. The signing of the contract between the two entities has followed the public tender for the sale of the CP Carga, which was won by MSC Rail. Carlos Vasconcelos, Managing Director of MSC Portugal commented:

"MSC’s investment is part of a long-term development plan that will enhance the infrastructure of the company and turn it into the leading Iberian rail freight operator. We are committed to offering our clients the highest level of service."