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Sold for just €45million: Italian Railways buy Greece’s TRAINOSE

Greece accepted on Thursday a 45-million-euro (£37.5 million) bid submitted by Italy’s state railways for its state rail company TRAINOSE, Greek state media reported.

Italy’s state railways Ferrovie dello Stato [IPO.FERR.MI] last week submitted the sole binding bid for TRAINOSE, which is being sold under the government’s privatisation programme.

The offer by the Italian group has been approved by Greece’s privatisation agency, semi-state Athens News Agency said, citing unnamed sources

In a statement the Greek privatization Agency, Hellenic Republic Asset Development Funds (HRADF) that owned 100% of the share capital of TRAINOSE said among others that it achieved “to complete a process that began three years ago and ensure not only the sustainability of TRAINOSE, and its further development. With this development, the foundation is laid  for the successful closure of the European Commission aid dossier on the debt of TRAINOSE to OSE, worth over €700 million.”

The European Commission had found out that the TRAINOSE had illegally received state aid of 750 million euro, an aid that should be returned. However, the EC had allegedly committed that TRAINOSE privatization would be accompanied with the write-off of these illegal aid.”

Personnel of TRAINOSE and Proastiakos had launched week-long strikes and work stoppages to protest the sale that threatens their work places. I am not in position to tell you right now, if the protest strikes will continue or not.

PS In 2013, the TRAINOSE was offered for 300million euro. I suppose,  the Italian Railways were waiting for a better deal and they took advantage of Summer Sales that started in Greece on July 11th. Beware! Summer Sales last until August 31st.

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  1. They overpaid !

  2. Giaourti Giaourtaki

    The new chancellor of Austria was checked by intelligence which then figured that when he was boss of Austrian railways got quoted he would take Trainose but only for free; he’ll enjoy his villa in Tuscia until the Autonomia will revolt to show how class-war goes, surely with some nice Greek inspirations taught from the struggles of the last decade.