May 11 (SeeNews) - Poland's OT Logistics said it has expressed readiness to resume talks with Montenegro on the sale of stakes in port operator Luka Bar [MNG:LUBA] and freight rail group Montecargo despite Montenegro's decision to cancel the tenders.
OT Logistics believes that its bid for the Montenegrin assets corresponds to all the objectives, criteria and conditions outlined in the tender documentation, the company said in a statement earlier this week after submitting a complaint to the Montenegrin privatisation council.
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Last month, Montenegrin transport minister Osman Nurkovic said the government has terminated the talks for the sale of Luka Bar and Montecargo to OT Logistics as the selected privatisation model was not in the best interests of the seller.
The bid for Luka Bar and Montecargo has been prepared thoroughly and carefully, on the basis of financial and legal due diligence of both companies whose further development is to be accelerated through privatisation, the vice president of OT Logistics, Piotr Ambrozowicz, said in the statement.
In December, OT Logistics placed the sole bid in a tender for the sale of a 30% state-owned stake in Luka Bar, the operator of Montenegro's Bar seaport. OT Logistics proposed to pay 7.1 million euro ($7.7 million) for the stake and invest 17.1 million euro over three years.
Montenegro said in January it had received a single binding bid in a tender for the sale of 51% of Montecargo. The bid of 2.5 million euro was also placed by OT Logistics.
($ = 0.919381 euro)