Growing buzz around ammonia
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MSC buys majority stake in Renfe Cargo
The shipping giant’s rail logistics arm Medlog has acquired half of Renfe Mercancías from the Spanish state following a competitive tender
The acquisition was made through Medlog, which already has substantial rail freight interests in Spain. MSC already owns Portugal’s CP Carga through another rail logistics company, Medway. Other bidders for Renfe’s freight business were Maersk and CMA CGM.
A new joint venture of Renfe Mercancías and Medlog will be formed, to which all the Spanish state operator’s rail transportation assets and employees will be transferred.
Renfe Mercancías has accumulated losses of €400M since 2011 including losses of €22M last year. It has a 53% share of all Spanish rail freight, and was looking likely to be investigated for illegal state aid by the European Commission.
The deal is subject to the approval of the Spanish government.
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