PODGORICA (Montenegro), April 27 (SeeNews) – Montenegro's prime minister, Dusko Markovic, said the government has decided to cancel the sale of 30% of port operator Luka Bar [MNG:LUBA] and 51% of rail freight firm Montecargo to Polish group OT Logistics because the bid was unsatisfactory.
Despite the termination of the sale process, the government still plans to privatise Luka Bar but the bid of OT Logistics is not in the best interest of the country, Markovic said at a news conference on Wednesday, according to a video file posted on the website of the government.
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"The bidder is credible and we stay in touch with this company," Markovic said.
Montenegrin transport minister Osman Nurkovic said on Monday the country has terminated the talks for the sale of the state-owned stakes in Luka Bar and Montecargo to OT Logistics as the selected privatisation model was not in the best interests of the seller.
OT Logistics said on Tuesday the decision of the Montenegrin government was surprising and incomprehensible, in view of the development of the tender procedure to date and the successfully completed negotiations.
The Polish firm proposed to buy a 30% stake in Luka Bar for 8.52 million euro ($9.29 million) as well as 51% shareholding interest in Montecargo for 2.5 million euro. OT Logistics additionally committed to implementing investment and modernisation programmes at both companies worth a total of some 17.45 million euro.
($ = 0.917706 euro)