“Preparations are advanced for the sale of a majority stake [in CFR Marfa] to a strategic investor,” according to the document, obtained by Mediafax.
Under a EUR3.6 billion loan agreement with the International Monetary Fund, the government has pledged to sell shares in several key state-run companies, including Transgaz (TGN.RO), CFR Marfa, natural gas producer Romgaz and nuclear power company Nuclearelectrica.
CFR Marfa was supposed to be auctioned by the end of 2012, but the sale was delayed due to poor market conditions and regulatory proceedings. The government hired a consortium comprising US consultancy firm Deloitte, Musat&Asociatii and France’s Systra to advise on the sale.
Last week, Transport Minister Relu Fenechiu said after meeting with IMF officials that CFR Marfa has become the ministry’s top priority, just days after publicly stating that the company should not change management.
An IMF team will be in Bucharest until Tuesday for the seventh and eight reviews of Romania’s progress under the loan agreement.