Deadline for completion of CFR Marfa privatisation to be extended until December 20

The deadline for the completion of CFR Freight (CFR Marfa) privatisation will be postponed until December 20, according to a government draft resolution formulated by the Ministry of Transports, Mediafax reports. “Given the buyer’s obligation to inform promptly, after signing the share purchase agreement, the Competition Council and/or other competition authorities conversant with the transaction, in line with the provisions of Law No. 21/1996, if the completion did not take place till December 20, 2013, the contract shall cease as of right, with the notice of default, other preliminary formality and the intervention of the court being no longer required,” the draft resolution reads.
According to the draft’s substantiation note, the purpose of this postponement is to make sure the necessary periods for the buyer to fill the documents put forward by informing the Competition Council and for the competition authority to issue the decision, as well as with respect to the documents to be tabled at the Trade Register Office on cutting the share capital of CFR Marfa, are being respected.

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