PKP Cargo closer to PMT acquisition

PKP Cargo, a Polish state-owned cargo transportation company reached an initial deal in line with which it will acquire 49 percent of Pol-Miedź Trans (PMT) shares, the company said in a press release. PMT belongs to KGHM Polska Miedź, a Polish state-owned copper and refined silver producer. The transaction is to be concluded in Q2 of 2015, the parties reported. PKP Cargo informed about buying up to 50% of PMT's shares in September 2014. KGHM is planning to allocate automotive transportation and sale of fuels to other companies belonging to the group, according to the firm’s CEO Herbert Wirth. The company assured that no employees will be dismissed regarding the acquisition. PKP Cargo’s decision is the result of the desired consolidation of the cargo transportation market. The company also seeks new market and trade contacts. PMT, on the other hand, needs new investments. PMT will have access to PKP Cargo’s trains, as well as logistics services.