Dragados-SPL privatisation now without rail interests
JP Morgan is reported to still be interested in acquiring Dragados-SPL from the Spanish ACS group, although it is said to be hesitant about buying the port assets given the high price being asked and the depressed state of the container market.
ACS is said to be asking around ¢1.2bn ($1.7bn)-¢1.5bn ($2.1bn), which JP Morgan believes is overvalued.
Recently, ACS withdrew its rail business from Dragados-SPL, with LTF and Sicsa Rail now forming part of its Vías y Construcciones subsidiary. This also contains the assets of Continental Rail and Constru-Rail, as well as a 33% stake the company holds in Logitren. Under consideration, is the transfer to this division of Conte Rail, which is also currently part of Dragados-SPL. This undertakes management of the Coslada inland port near Madrid and also the rail terminal at Marítima Valenciana.
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