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Deutsche Bahn steps up global expansion
Published in Saudi Press Agency on 27 - 06 - 2007


German railway giant Deutsche Bahn AG stepped up
Wednesday its global expansion by confirming the purchase of two key
European freight companies, according to dpa.
The supervisory board of Europe's biggest rail company gave the
green light Wednesday to buy Britain's biggest rail freight operator
English Welsh and Scottish Railway (EWS) and Spain's Transfesa, which
specializes in transporting cars.
While the cost of the two purchases has not been released, the
moves came in the wake of Deutsche Bahn's announcement last week that
it had sold its stake in the Danish-German shipping firm Scandlines
to a group of investors.
The sale of the Scandlines stake is expected to generate about
780 million euros (1.05 billion dollars) for Deutsche Bahn.
The new purchases also follow last week's announcement by Deutsche
Bahn that it had forged a deal with Russian rail company RZD as part
of a push by the German rail group to build up its freight business
in Asia and Eastern Europe.
The two companies will form a joint venture on logistics that will
focus on transporting containers from Europe to Russia and CIS
states, the company said in a statement.
Deutsche Bahn international business drive comes as the company
gears up for its part privatization.
While the German Parliament wants the rail operator to make its
stock market debut by the end of 2009, Deutsche Bahn is hoping to
list on the stock market by the middle of 2008.
The Deutsche Bahn board also agreed Wednesday to extend the
contract for chief executive Hartmut Mehdorn for three further years
to May 2011.
The 64-year-old Mehdorn was appointed Deutsche Bahn chief in 1999.
With EWS having an annual turnover of 700 million euros and
Transfesa chalking 290 million euros in revenue, the two purchases
are likely to help to boost the Deutsche Bahn balance sheet as it
prepares for privatization.


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