PORTUGAL: Mediterranean Shipping Company SA has announced that its subsidiary MSC Rail completed the acquisition of a 95% stake in CP Carga on January 21, taking control of the freight and logistics business of national operator CP. The remaining 5% of the company is to be offered to employees.

‘We have now the chance to put our strategic plan in action, to drive the company towards a bright future and develop it into a major player in the Iberian Peninsula in the coming years’, said MSC Chief Logistics Officer Giuseppe Prudente. ‘The acquisition and the related investments demonstrate MSC’s unwavering commitment to Portugal and the development of its logistics sector’.

According to MSC, the transaction represents an investment of €53m, of which €51m will be used to recapitalise CP Carga.

MSC had signed the initial contract to purchase CP Carga on September 21 2015. Approval for the sale was issued by the Portuguese competition authority on December 4 2015.