November 5 (SeeNews) - Romania plans to restructure rail freight carrier CFR Marfa prior to selling a majority stake in the company in the middle of 2015, finance minister Daniel Chitoiu said.
The restructuring procedure will start this December, Chitoiu told a news conference on Monday after wrapping up talks with an International Monetary Fund (IMF) mission team in Bucharest.
You can subscribe to our M&A newsletter here
The privatisation of CFR Marfa failed last month after local privately-held railway operator Grup Feroviar Roman (GFR), which won a privatisation tender in June, failed to pay the price by the established deadline.
Romania also plans to sell a 51% stake in power supplier and distributor Electrica via a capital hike by the end of June 2014 and to privatise energy holding Complexul Energetic Oltenia in the fourth quarter of next year, Chitoiu added.
The country also plans to sell a stake of 15% in hydropower producer Hidroelectrica by May-June 2014 instead of 10% planned initially, he added.
According to privatisation plans agreed with the IMF, Romania should sell minority stakes in key energy and transport companies, including Transelectrica, Transgaz, Hidroelectrica, Nuclearelectrica, OMV Petrom, Tarom and Romgaz.
Last week, Romanian raised 1.7 billion lei ($516.8 million/382.9 million euro) via the initial public offering (IPO) of a 15% stake in state-controlled natural gas producer Romgaz. In September, Romania raised some 282 million lei via the IPO of a 10% stake in nuclear power plant operator Nuclearelectrica [BSE:SNN].
( 1 euro= 4.4401 Romanian lei)