PKP Cargo and KGHM Polska Miedź S.A. concluded a preliminary agreement under which PKP Cargo will take up 49% of shares in Pol-Miedź Trans (PMT), a company wholly owned by KGHM. Both parties intend to finalize the transaction in the second quarter of 2015.
The agreement allows for the continuation of the process leading to the acquisition by PKP Cargo of a 49% stake in PMT in return for a cash contribution and a contribution in kind in the form of locomotives. The agreement entitles PKP Cargo to conduct due diligence of the PMT enterprise and to submit the relevant application to the Office of Competition and Consumer Protection (UOKiK).
KGHM has consistently pursued the strategy of focusing resources on its core business and finding a strategic partner for the railway part of Pol-Miedź Trans will facilitate the process. The transaction will be preceded by the separation of other areas of the enterprise’s business.
For PKP Cargo, the investment in PMT means broadening its customer base and the ability to use its rolling stock more efficiently. The main benefits of this transaction for KGHM Polska Miedź include access to the largest, constantly modernized rolling stock fleet in Poland, and a wide range of logistics services offered by the PKP Cargo Group.
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