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Government approves RENFE restructuring

30 Sep 2013

SPAIN: Plans to restructure RENFE as four companies responsible for passenger operations, freight, rolling stock maintenance and train leasing were approved by the Spanish cabinet on September 27, having previously been approved by the RENFE board.

The four new companies will be structured as 100%-owned subsidiaries of holding company RENFE Operadora, which would manage central functions including purchasing, legal affairs and IT. Creation of a single freight company involves bringing back together the specialised Contren, Irion and Multi businesses.

Leasing company AMF will have a fleet of 51 trainsets (including 19 high speed trains), two Talgo formations, 37 electric locomotives, 12 diesel locos and 1 173 wagons which will be available to new operators entering the market.

Separately, the cabinet has also given its approval for RENFE Operadora to dispose of its stakes in seven joint ventures for a total of €17m. RENFE is to sell its stake in the Tarvia rolling stock maintenance company for €16m, and that in Albitren for €500 000. Shares in Autometro (6%), Cargometro Rail Transport (25%), Combiberia (22⋅5%) and Depot TMZ Services (24⋅5%) are also to be disposed of, while Logística y Transporte Ferroviario is to be wound up and its assets transferred to RENFE Operadora, its sole shareholder.