MAV Cargo Bids Disappointing

Bids for Hungary's state-owned rail freight company MAV Cargo have failed to reach expectations after the first round.

National newspaper Nepszabadsag says only one bid, by Slovakian consortium Sped Trans, met the desired price of around Ft80bn ($433m).

The second highest price was offered by UK's Ashmore Global, while Germany's Deutsche Bahn offered the least - Ft44bn.

The top five bids will continue to the second round, with final offers due to be submitted by October 19.

Last year MAV cargo had an 82% share of the Hungarian rail cargo market, while its revenues rose 7.7% to Ft93bn.

By staff writer