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Deal News – Transportation & Logistics 

What's up in your market – a focus on deals activity, April 2012 

www.pwc.de 

13. April 2012 

Research Center 

Deal News 

Transportation 

& Logistics 

What's up in your 

market – a focus 

on deals activity



CFR Marfa’s 

privatisation 

strategy to be 

advised by Deloitteled 

consortium 

Gebrüder Weiss 

completely takes 

over Spedition 

Diehl 

Spetsenergotrans 

and Rail Garant 

form 50-50 joint 

venture 

The privatization of CFR Marfa, the Romanian state-owned rail cargo 

company, will be advised by a consortium made up of Deloitte, Musat & 

Asociatii, and Systra, according to an announcement made by the 

Ministry of Transportation. The contract will have to be approved by the 

government and then signed. The consortium will propose various 

strategies to privatize CFR Marfa, will evaluate the company, and will 

provide technical assistance throughout the sale process. In the first 

eight months of 2011, CFR Marfa generated operational revenues of 

RON 737.9m (EUR 168.7), from RON 628.3m in the same period of 

2010, according to a separate report by Bursa citing a company financial 

report. CFR Marfa covered 61.1% of Romania’s transported merchandise 

in the first half of 2011, as per the same report. 

12.04.2012 Government Press Release (translated) 

Gebrüder Weiss completely takes over freight forwarder Wilhelm Diehl 

GmbH & Co. A contractual agreement, subject to approval by the 

relevant competition authorities, was signed and sealed by both 

companies on Wednesday, 11 April 2012. The company, based in Baden- 

Württemberg and with offices in Esslingen, Untermünkheim, Karlsruhe 

and Tuttlingen, will be integrated into the Gebrüder Weiss network 

(region West) as a wholly-owned subsidiary. Both parties have agreed 

not to disclose the purchase price. ”Diehl has long been an important 

partner of Gebrüder Weiss and maintains excellent customer 

relationships in this economically relevant area,” says Wolfram Senger- 

Weiss, Member of the Management Board at Gebrüder Weiss. ”In this 

respect, the company perfectly complements our two southern German 

locations in Memmingen and Passau.” The new owner intends to pursue 

the strategic direction of Spedition Wilhelm Diehl. The company 

continues to operate under that name and will also retain its staff: 

headed by Managing Director Jürgen Wirsing, the existing team will 

continue to work for Diehl. In early 2010, Gebrüder Weiss had already 

taken over 25 percent of the company. 

12.04.2012 Company Press Release(s) 

Spetsenergotrans and Rail Garant, the privately owned Russian railway 

operators, have formed a joint venture Railspetstrans for rail transport 

using covered train trucks. This information was reported in 

Kommersant, quoting Maxim Mironenko, the general director of 

Spetsenergotrans. The partners will each get a 50% stake in the JV. They 

will contribute to Railspetstrans all their covered train trucks, under the 

lease terms. Spetsenergotrans will transfer 3,000 and Rail Garant more 

than 2,000 of railway trucks to Railspetstrans, Mironenko told 

Kommersant. The new venture is expected to generate an annual 

revenue of USD 80m-USD 100m. Kommersant reported that



Spetsenergotrans is owned by Ziad Manasir, while Rail Garant is coowned 

by Sergey Smyslov and Sergey Gushchin. 

11.04.2012 Kommersant 

De Rijke receives De Rijke, the Dutch family-owned logistics group, has received interest 

much interest for its from six to eight serious parties for its Bulk Liquids operations that are 

Bulk Liquids for sale, het Financieele Dagblad reported, citing Chief Executive Kees 

division 

de Rijcke. The CEO told the paper that there is interest not only from 

several Dutch industrial buyers but also from other European players 

and even from outside Europe. He added that several financial parties 

came forward and showed interest. Six to eight of these parties are 

serious contenders and could finance the deal, the CEO noted. The Bulk 

Liquids division that was recently put up for sale, has annual revenues of 

around EUR 80m and 325 employees. De Rijcke has a total annual 

turnover of EUR 330m. After the divestment, De Rijke will further invest 

in logistics, warehousing and packed distribution for the chemical 

market. 

Sernam could learn 

fate this week; 

Geodis interest 

confirmed 

SG-Trans: 

Gazprom's 

application to 

participate in bid 

rejected by FAS 

10.04.2012 Het Financieele Dagblad 

Sernam, the French transport group, could find out Tuesday if 

liquidation is to occur, according to the Journal du Dimanche. In a piece 

based on an interview with Pierre Blayau, boss at possible buyer group 

Geodis, the Sunday newspaper noted that if Geodis pushes for this 

outcome, it might happen within two weeks of French presidential 

elections (for which first round voting begins 22 April). Blayau in the 

interview said this outcome would not prove overly dramatic and he 

iterated the requirement that the target group guarantee it has monies 

sufficient to continue operations for 30 to 45 days. He noted that the 

liquidation option would allow his company to reclassify about 1,000 

jobs rather than the 826 kept via a takeover. France’s transport minister 

Thierry Mariani was also quoted in the piece expressing a keen wish for 

Geodis to put in a firm bid. Union members have called for strike action 

amid fears that more than 1,400 jobs might be lost. Butler Capital owns 

Sernam. 

09.04.2012 Journal du Dimanche (France) 

Gazprom has been banned by the competition regulator FAS to 

participate in the privatisation process of SG-Trans, Russia’s stateowned, 

biggest rail transporter of liquefied petroleum gas (LNG), 

Vedomosti reported. The report quoted FAS Deputy Head Anatoly 

Golomolzin, as confirming that Gazprom’s application to bid for SG- 

Trans has been rejected. The Russian gas major is the only one, among 

11 bidders, that FAS disallowed from participating in the bidding, the 

paper reported. According to Golomolzin, who was quoted by a 

newswire, if Gazprom acquired SG-Trans, it would increase its 

dominating market position in the LNG railway transport market. The 

remaining bidders received FAS clearance, under certain conditions. A



PKS Zgorzelec stake 

up for sale 

Transports Buchaca 

sold to Zamenhof 

FedEx announces 

Opek acquisition 

FAS representative, speaking to Vedomosti, named the following bidders 

whose applications were approved: Rail Garant’s Spetstransgarant, 

Eurotrans (part of ISR Holding), Brunswick Rail, Spetsenergotrans 

(owned by Ziad Manasir), Neftetransservis (controlled by the Aminov 

brothers), OTEKO-Portservis (part of ZAO OTEKO), Rosneft’s Yukos- 

Transservice, and AFK Sistema. A Gazprom spokesperson did not 

comment on the FAS decision, Vedomosti said. Gazprom placed its bid 

via subsidiary Gazpromtrans. The government is seeking to sell 100% in 

SG-Trans, the paper reported. The stake is held via Rosimushchestvo 

state property agency. Vedomosti also reported, quoting data by 

Interfax, that the preliminary value of SG-Trans is USD 500m. SG-Trans 

posted revenues of RUB 8.5bn (USD 287.2m) in 2011, under the Russian 

accounting standards, according to Vedomosti. 

09.04.2012 Vedomosti 

The Polish Treasury is seeking investors interested in acquiring an 85% 

stake in Przedsiebiorstwo Komunikacji Samochodowej (PKS) in 

Zgorzelec, a public transportation company. The deadline for written 

responses is 27 April 2012, 2PM local time. The Treasury owns 100% of 

PKS Zgorzelec. Investors can purchase the Information Memorandum 

for PLN 100, paid to the Treasury. A 15% stake has been allocated, free 

of charge, to company employees. PKS Zgorzelec has 235 staff and 

generated revenue of PLN 20.7m (USD 6.5m) in 2010, according to the 

Treasury website. 

06.04.2012 Government Press Release (translated) 

The French transportation company Transports Buchaca has been sold 

to Zamenhof, the holding vehicle of entrepreneur Jacky Perrenot, WK 

Transport Logistique reported. The report cited Perrenot as saying that 

65 of the 72 staff members were retained. Transports Buchaca has been 

in receivership since January 2011, the report noted. It recorded 

revenues of EUR 8m in 2010. 

06.04.2012 WK Transport Logistique 

FedEx Corp. (NYSE: FDX) announced today that it signed an agreement 

to acquire the Polish courier company Opek Sp.z o.o. (Opek), the latest 

step in its strategy for growth in Europe. This acquisition will give its 

FedEx Express business unit access to a nationwide domestic ground 

network with an estimated USD 70m in annual revenue and 12.5m 

shipments annually. FedEx expects that this transaction will most likely 

close in the summer 2012, after necessary regulatory approvals and 

subject to customary conditions. The acquisition of Opek will 

supplement the FedEx Express service portfolio in Poland and continue 

its European expansion through smart, strategic investments. “In recent 

years, we have made significant investments throughout Europe, greatly 

expanding our network coverage and improving service to customers,” 

said Frederick W. Smith, chairman, president and chief executive officer



SDV buys minority 

stake in Fast 

Mondial & Marine 

SBB would not rule 

out selling SBB 

Cargo unit 

FESCO calls EGM 

on 16 April to 

approve two 

interrelated 

transactions 

involving 

of FedEx Corp. “Our presence in Europe is backed by strong leadership 

and management and dedicated team members. We have an excellent 

strategy that has steadily advanced our position in the region, and we are 

well positioned for profitable growth as we increase the number of 

direct-served locations in Europe.” So far in fiscal 2012, FedEx Express 

has opened 26 new stations across France, Germany, Italy, the 

Netherlands, Northern Ireland and Sweden. Opek, a family-owned 

company, was founded in 1994 and has built a well-established network 

which covers the entire country. Opek operates an automated hub in 

Lomianki, near Warsaw, and additional hubs in Lodz and Katowice. In 

total, the company operates 44 stations throughout Poland. More than 

1,200 employees work for Opek and the company engages more than 

1,300 contracted drivers. “The acquisition delivers an excellent 

extension to the current service portfolios of both companies and puts us 

in an even better position to jointly meet the growing needs of our 

customers,” said Gerald P. Leary, president, FedEx Express Europe, 

Middle East, Indian Subcontinent and Africa. “Our two companies 

represent a strategic fit with a common commitment to enhance the 

service we can offer Polish businesses, invest in our people and 

positively impact our communities as good corporate citizens.” FedEx 

entered the Polish market in 1989 and has been continuously expanding 

its range of international shipping services since. FedEx Express 

currently employs approximately 120 team members in Poland. 


SDV, the French logistics and freight firm, acquired a minority stake in 

the Lebanese shipping and freight company Fast Mondial & Marine in 

January for an undisclosed amount, Daily Star reported, citing a 

company statement. FAST Mondial & Marine had USD 30m in turnover 

last year and has 90 employees, the item added. To read the French 

language announcement, click here. 

03.04.2012 Daily Star (Lebanon) 

SBB, the Swiss state-owned railway business, would not rule out selling 

its SBB Cargo unit, Aargauer Zeitung reported citing SBB Chief 

Executive Andreas Meyer. Meyer said he would look at all options 

including a sale if SBB Cargo did not return to profit. SBB Cargo made a 

loss of CHF 46m (EUR 38m) in 2011, the report noted. 

30.03.2012 Aargauer Zeitung 

FESCO, the Russian transportation group, posted the following press 

release on 28 March : FESCO EGM Agenda explained Dear shareholders 

of FESCO! As part of the process to prepare the non-container rail 

business of FESCO for anticipated spin-off, several intra-group 

transactions need to be executed in order to change the historical 

ownership structure of “Firm “Transgarant” LLC (“Transgarant”), and to 

bring it in accordance with the target structure of the upcoming spin-off



Transgarant transaction, under which all sale proceeds should go onto the balance 

sheet of FAR-EASTERN SHIPPING COMPANY PLC (FESCO), and all 

sale transactions will be executed in Russian jurisdiction. FESCO is 

calling an EGM on April 16 2012, asking shareholders to approve two 

interrelated transactions. Under the first transaction FAR-EASTERN 

SHIPPING COMPANY PLC (FESCO) is to acquire 15% in Transgarant 

from its 100% owned foreign subsidiary Neteller Holdings Limited, thus 

concentrating 91.2% of shares in Transgarant on the balance sheet of 

FESCO. The second transaction will transfer the remaining 8.8% in 

“Transgarant” into the Russian jurisdiction. For this, FESCO will 

contribute 100% of shares in its another foreign subsidiary — Eustacia 

Finance Limited, which historically owned shares in Transgarant – to 

the Charter capital of its fully owned Russian subsidiary FESCO Avto. 

The said FESCO Avto is supposed to be later sold as part of the sale of 

Transgarant. In addition, we simplify the Group structure by divesting 

two subsidiaries – FESCO Avto and Eustacia Finance Limited. Proposed 

intra-group transactions will not result in any assets or cash leaving the 

Group's perimeter. The said transactions are made at market prices 

defined by an independent appraiser. 

ID logistics 

launches IPO on 

Euronext 

Sernam: Decision 

on buyer expected 

next month as EC 

orders EUR 642m 

repayment – report 


ID logistics, the French logistics group, has launched an IPO on the 

NYSE Euronext stock exchange, Boursier reported, quoting CEO Eric 

Hemar. The news report added that ID logistics was seeking to raise 

EUR 31.75m through the operation. The introduction price is set 

between EUR 20.88 and EUR 25.52, the report claimed, adding that 

investors have until 12 April to buy shares. According to its website, ID 

logistics has around 9,000 employees and has annual revenues of EUR 

462m. 

28.03.2012 boursier 

The commercial court of Nanterre has postponed a hearing for the 

examination of offers for transportation group Sernam to 10 April, Le 

Figaro reported. Sources at the court said the observation period for 

Sernam had been prolonged. Following an in depth investigation, the 

European Commission announced it had ordered the recovery of EUR 

642m in unlawful aid paid to Sernam. Philippe Chevalier, chairman of 

Sernam, confirmed in a letter to employees that Sernam had only 

received one bid, a joint offer from Geodis and BMV which was 

conditional on the buyers not having to repay the money requested by 

the European Commission. Would-be buyers will notify the European 

Commission, which could rule on whether they would be liable for the 

EUR 642m repayment, he added. The report by Le Figaro said the court 

postponement should give the Commission time to resolve the matter. 

27.03.2012 Regulatory Authority Press Release*



Polskie Koleje 

Linowe: Polskie 

Koleje Gorske and 

TMR known 

bidders; 

privatization 

process prolonged 

till end of 2012 

PostNord to acquire 

Green Cargo 

Logistics 

The two confirmed bidders for the Polish cableway Polskie Koleje 

Linowe (PKL) are the Polish consortium Polskie Koleje Gorske (PKG) 

and the Slovak company Tatry Mountain Resorts (TMR), wrote 

Hospodarske Noviny. The item cited the head of TMR Bohus Hlavaty, 

who disclosed that his company is ready to invest EUR 75m within the 

next ten years into the ski resort. He noted that part of the money 

needed for the investment might be gather from the planned IPO on the 

Warsaw stock Exchange. The other known bidder for PKL is a 

consortium formed by two local city councils Zakopane and Koscielisko. 

However, the mayor of Koscielisko, Bohdan Piton, did not wish to 

disclose how much is the consortium ready to invest into the PKL. The 

item specified that PKL is owned by the Polish state-controlled railway 

group PKP. The report noted, without citing the source of the 

information, that the Polish Ministry of Transport decided to prolong 

the privatization process till the end of 2012, specifying that originally 

the company should have been privatized by the end of 2011. The 

estimated value of PKL is a minimum PLN 350m (EUR 85m), as 

reported previously. 

27.03.2012 Hospodarske Noviny 

PostNord AB and Green Cargo AB have signed an agreement for 

PostNord to acquire Green Cargo’s subsidiary Green Cargo Logistics AB 

including the associated buildings and real property. This is according to 

a company press releaase. Green Cargo Logistics is Sweden’s second 

largest company within third-party logistics, with a total storage space of 

260 000 m2 in modern premises in Stockholm, Norrköping, 

Gothenburg, Helsingborg and Copenhagen. In 2011, Green Cargo 

Logistics had net sales of approximately SEK 1bn (EUR 112m) and an 

operating profit of SEK 61m (EUR 6.8m). Green Cargo Logistics has in 

recent years experienced a strong and profitable expansion. By the end 

of 2011, PostNord adopted its corporate strategy which, among other 

things, includes continued growth within logistics. PostNord’s logistics 

operations in Sweden,Denmark, Norway, and Finland had net sales of 

approximately SEK 13bn (EUR 1.5bn) in 2011, weighted towards 

packages, pallets, and express delivery. The acquisition of Green Cargo 

Logistics strengthens PostNord’s third-party logistics operations which 

is fully in line with the group’s strategic focus. The market for thirdparty 

logistics is experiencing significant growth. - Green Cargo Logistics 

is a well-managed and profitable business and an excellent fit with our 

strategic ambitions within the logistics area. The business will constitute 

a solid foundation for our continued development within third-party 

logistics, says Lars Idermark, President and CEO of PostNord. As for 

Green Cargo the sale of Green Cargo Logistics means that the resources 

will be freed up for the development of Green Cargo’s rail transport 

operations. - This is an excellent deal for both Green Cargo and its 

subsidiary Logistics. Green Cargo will free up resources in order to 

develop our railway logistics and broaden our offer to the transport



Heritage 

International seeks 

buys; in JV talks - 

MD 

Transpoint 

International 

majority stake 

acquired by 

Greencarrier 

Freight Services 

dependent Swedish trade and industry. Third-party logistics will get a 

strong owner which is a able to invest in its continued growth, says 

Mikael Stöhr, CEO of Green Cargo. Green Cargo Logistics will become a 

part of PostNord’s business area Logistics. Head of the business area, 

Henrik Höjsgaard, will be the Chairman of the Board in the acquired 

company. The company will later be renamed. The acquisition is 

conditioned upon the approval of competition authorities. 

27.03.2012 Company Press Release* 

Heritage International Transport (HIT), a private UK-based food 

distribution company, wants to acquire UK and Western European peers 

to expand its footprint, Managing Director Kevin King said. Joint 

venture talks with Europe-based companies are being conducted, but 

King declined to expand. Higher overheads and reduced margins 

prompted HIT to consolidate its operations last year, King said, resulting 

in 2011's growth not matching the levels recorded previously. However, 

with the company now expecting industry stabilisation within the next 

year, the MD said now was a good time to push HIT to the next level via 

both organic and external development. For the financial year ending 31 

May 2012, HIT expects to generate revenue of GBP 21.5m (EUR 25.7m). 

Food distributors based in the UK, Belgium, the Netherlands, Germany 

and France are being sought, King said. The target's reputation, rather 

than its size, was cited by King as the most important factor when 

reviewing target dossiers. He declined to state the target size HIT could 

absorb, but noted his company was not seeking anything in the "megamillions" 

pound range. Dossiers sent by third-party advisors would be 

welcomed. However, King is not seeking to mandate any financial or 

legal representatives at this time, preferring to handle the negotiations 

himself. Deals would be financed via retained earnings and "very limited 

bank debt". HIT banks with Lloyd TSB, said King. 

26.03.2012 Proprietary Intelligence 

Greencarrier Freight Services has acquired a majority shareholding in 

the leading logistics service provider in Poland, Transpoint 

International. The shares have been purchased from the Managing 

Director of Transpoint in Poland, Mr Arkadiusz Prejna, who will retain 

the remaining shares. With this acquisition the Swedish-headquartered 

logistics specialist Greencarrier has established an even stronger 

position in the Nordic and Baltic Sea regions. Transpoint in Poland 

provides cross-border transportation services, delivering parcels and 

part- and full loads between Finland, Scandinavia, the Baltic States, the 

UK, Turkey, the Czech Republic, Slovakia and Poland. The acquisition 

consists of Transpoint in Poland and its subsidiaries in the Czech 

Republic and Slovakia. The company brings approximately 80 new and 

highly competent employees each with strong experience of the logistics 

market, to serve Greencarrier’s customers in this region. “Greencarrier 

Freight Services is an ideal partner for us with its network of offices in



Logent partly 

acquired by Inter 

Ikea Investments, 

acquisitions on the 

cards 

Transgarant: RZD's 

Second Freight 

wants to acquire, 

submits bid to 

FESCO - report 

our major markets in the Nordic countries, the Baltic states and the UK” 

says Arkadiusz Prejna, who will continue as the Managing Director of 

Transpoint in Poland. “Together with Greencarrier we plan a continuous 

expansion of our business activities not only in road freight but also in 

ocean and air freight.” Greencarrier Freight Services offers complete 

transport solutions all over the world. The company was founded in 1994 

and belongs to the Greencarrier group, which is one of the Nordic 

region’s largest privately owned companies specialising in global 

transportation. With the acquisition of Transpoint International, 

Greencarrier Freight Services will reach a turnover of EUR 175m and 

have more than 425 employees in 13 countries: Sweden, Norway, 

Denmark, Finland, Estonia, Latvia, Lithuania, Ukraine, Poland, 

Slovakia, the Czech Republic, the UK and China. 

21 March 2012 Company Press Release(s) 

Inter Ikea Investments, the Swedish investment company, is to acquire 

37% of the private Swedish logistics company, Logent, according to a 

company press release. Inter Ikea is to acquire the stake from Logent’s 

founders Lars-Goran Ahlberger and Peter Frajdin, who will retain a 

majority stake in the company. Ahlberger commented that he is very 

pleased with Logent’s new shareholder which will contribute with 

knowledge in corporate governance, acquisitions and financing. The 

parties did not wish to disclose the deal value but Logent expects a 2012 

turnover of around SEK 1bn (EUR 112m). PWC acted as financial advisor 

for Logent. Meanwhile, Ahlberger told the Swedish business daily 

Dagens Industri that Logent is interested in acquiring companies that 

will allow Logent to grow geographically. He said that the company is 

already talking to several possible candidates and that they have a 

turnover of over SEK 100m (EUR 11.2m). 

21 March 2012 Company Press Release (Translated) 

Second Freight Company (VGK), a cargo unit of the state-owned Russian 

Railways (RZD), wants to acquire railway operator Transgarant from the 

FESCO group, Kommersant reported. The item cited two sources in the 

railway sector and added that VGK had submitted an offer for 

Transgarant. This information was also confirmed by an unidentified 

VGK top manager. The sources did not know how much VGK offered for 

Transgarant. According to other sources, Transgarant is worth about 

USD 700m, including USD 350m in debt, the paper reported. 

Kommersant added, quoting unidentified sources, that bids for 

Transgarant were also submitted by Neftetransservis, Sovfracht, 

Brunswick Rail, Eurosib, Spetsenergotrans, Globaltrans, Rail Garant, 

Summa Group, and EN+ Group. The sources claimed that Sergey 

Generalov’s FESCO could shortlist bidders in April and plans to finalise 

the transaction by the end of 1H 2012, Kommersant reported. 

21 March 2012 Kommersant



Frigoservice files 

for insolvency with 

over EUR 6m debt 

JCL Logistics and 

JCL Transport sold 

to Vela 

Frigoservice, the privately owned Austrian logistics company, has filed 

for insolvency with more than EUR 6m debt, ORF reported, quoting 

Klaus Doernhoefer, the court-appointed administrator of Frigoservice. 

21 March 2012 ORF 

JCL Logistics and JCL Transport, the two German subsidiaries of Graz, 

Austria based JCL, have been sold to Vela, a report in Moebel Kultur 

said, citing a company announcement. The terms of the deal were not 

disclosed. The targets will be renamed P&M Logistics and P&M 

Transport respectively. JCL generates revenue of EUR 560m annually 

and has 1,900 employees across 25 countries. 

20 March 2012 Moebel Kultur 

Sistema wants to AFK Sistema, the listed Russian group, wants to form its railway 

form railway operator, Kommersant reported, citing three industry sources. The base 

operator; could for this operator could be rolling stock of Sistema’s oil subsidiary 

acquire railway Bashneft. According to the sources, Bashneft owns about 4,800 tanks for 

stock from Bashneft transportation of petroleum products. Sistema and Bashneft are already 

- report 

in talks on the transfer of the railway stock. Sistema seeks to buy the 

stock at market price, valuing Bashneft ‘s railway stock park at about 

USD 200m – USD 250m, one of the sources told Kommersant 

20 March 2012 Kommersant 

Lagermax acquires Lagermax, the privately owned Austrian logistics group, has acquired a 

Frikus for an family-owned local rival Frikus, Wirtschaftsblatt reported citing a 

undisclosed amount company announcement, without disclosing the deal value. The Austrian 

daily noted that Frikus generated a turnover of EUR 65m in 2011, while 

Lagermax generated a turnover of EUR 305m in the same year. 

Masum Cevik being 

advised by Endeks 

Turev on buyout 

offer for Gentra 

Lojistik 

Transgarant: VTB 

Capital finished 

collection of 

preliminary bids - 

report 

20 March 2012 Wirtschaftsblatt 

Endeks Turev Menkul Degerler is advising the Turkish businessperson 

Masum Cevik on his offer to buy out the Turkish logistics company 

Gentra Lojistik. According to the prospectus for the offering, Cevik will 

spend up to TRY 13.09m (USD 7.3m) to buy out the 44.12% stake he 

does not own in Gentra. Click here for the announcement. 

19 March 2012 Stock Exchange Announcement* 

VTB Capital has finished collection of preliminary bids to acquire 

railway operator Transgarant, controlled by the FESCO group, 

Kommersant reported. According to the sources, Transgarant attracted 

interest of more than 10 companies, including from Neftetransservis, 

Sovfracht, Brunswick Rail, Eurosib, Spetsenergotrans, Globaltrans. 

Market sources speaking to Kommersant suggested the indicative value 

of Transgarant at about USD 700m, including USD 350m debt. 

16 March 2012 Kommersant



Rusagrotrans: Freight One (PGK), the Russian railway cargo operator, wants to either 

Freight One seeks to sell its shares in Rusagrotrans at a good price or rebuild its stake in the 

either its shares at company, Vedomosti reported. The article cited Oleg Bukin, the General 

good price, or Director of PGK, who also confirmed that the company is currently 

rebuild stake discussing the subject with the second Rusagrotrans shareholder, 

Rustranskom. In March 2011, as a result of the additional share issue in 

Rusagrotrans, PGK’s 51% stake in the company was diluted to 45.7%, 

Vedomosti reported. Rusagrotrans is the Russian railway operator 

specializing in grain transportation. The controlling shareholder in PGK 

is a company owned by the Russian entrepreneur Vladimir Lisin, the 

item said. As previously reported, this company is Independent 

Transport Company (NTK). In 2009, Rusagrotrans posted revenues of 

RUB 3.5bn (USD 118.9m), according to a previous report. 

SG- 

Trans/Apatit/Siberi 

a Airlines: 

government expects 

to sell shares in 

April 

Grupo Carreras 

interested in buying 

warehouses 

16 March 2012 Vedomosti 

The Russian Ministry of Economic Development expects to sell shares of 

railway transporter SG-Trans, chemical company Apatit, and Siberia 

Airlines in April, Vedomosti reported. The item quoted Aleksei Uvarov, 

head of the Property Relations Department at Ministry of Economic 

Development. It is planned that the state-owned shares will be sold to 

strategic investors through a public sale. The government seeks to sell 

100% of SG-Trans, a 20% stake in Apatit, and 25.5% of Siberia Airlines, 

the article reported. As previously reported, the preliminary value of SG- 

Trans is RUB 13bn (USD 441.8m). The company posted revenues of 

RUB 7.6bn in 2010. 

16 March 2012 Vedomosti 

Grupo Carreras, the Spanish family-owned logistics group, is interested 

in expanding its network of warehouses through acquisitions, according 

to an email response with input from several company executives. The 

executives said that Madrid and La Coruna are the company’s main 

regional focus to expand its network and that Grupo Carreras regularly 

extends its network to meet operational demand. The company seeks 

opportunities in-house and will finance acquisitions with its own equity. 

However, Grupo Carreras probably will hire an external advisor to deal 

with the due diligence process. The company is not interested in 

receiving external advisors’ approaches to help it identify targets. Grupo 

Carreras Works with Cuatrecasas as legal advisor. It is not seeking joint 

ventures or expanding abroad, they said. Although Grupo Carreras, 

which is wholly owned by Carreras family, is not planning to seek 

investors, that could be an option in the long term, the executives said. It 

has not received any investor approaches. The executives ruled out the 

possibility of selling the company or a listing adding that Grupo Carreras 

has not identified any non-core asset which might be put up for sale. 

14 March 2012 Proprietary Intelligence



City of Rome to sell 

40% stake each in 

Atac and Ama 

The City of Rome is seeking to sell a 40% stake each in Atac, its 

transport company, and Ama, its waste management arm, Il Sole 24 Ore 

reported. The report cited Rome mayor who said that the city needed to 

find EUR 730m in a funding gap caused by a lack of transfer from 

national government and Lazio region. 

14 March 2012 Il Sole 24 Ore



Contact 

Bernhard Möller 

Marie-Curie-Straße 24-28 

60439 Frankfurt 

bernhard.moeller@de.pwc.com 

Tel.: (069) 95 85-10 33 

Andreas Mackenstedt 

Marie-Curie-Straße 24-28 

60439 Frankfurt 

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Legal Disclaimer: 

The information included in this Newsletter is only meant for general information purposes and not intended to 

replace consultation with respect to concrete technical advice. We accept no responsibility for any actions taken 

as response hereto. While we have made any attempt to ensure that the information contained in this Newsletter 

has been obtained and arranged with due care, we accept no responsibility for the completeness of the 

information. Certain references in this Newsletter provide you with further information or with pronouncements 

maintained by third parties over whom we have no control. We make no representations as to the completeness 

or any other aspect of such information or pronouncements. 

The Newsletter is solely meant for your information; the Newsletter or copies thereof shall not be passed in whole 

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We would like to emphasize that the special features of electronic mails incur the danger of technical problems 

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have left our sphere of control. © Februar 2012 

www.pwc.de

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