ANTT authorizes CVRD railroad restructuring
Bnamericas Published: Monday, September 22, 2003
Brazil's transport regulator ANTT has approved the previously-announced restructuring at two railroad operations owned by Brazilian mining company CVRD, the miner said in a statement. In the first decision, CVRD has been authorized to transfer its shares in Companhia Ferroviaria do Nordeste (CFN) to steelmaker CSN and the Taquari Participacoes holding company. In return, CVRD will receive shares in Ferrovia Centro-Atlantica (FCA) from CSN. The deal remains subject to other undisclosed conditions. Secondly, FCA has been allowed to carry out a 1bn reais (today US$344mn) capital increase, CVRD said. CVRD said it has already paid in 798mn reais and will pay the remaining amount in four installments, boosting its share in the railroad to 99.99% This will allow CVRD to fully incorporate FCA into its logistics strategy, CVRD said.
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