Lithuanian Commission Approves Deal Between Lisco and DFDS

Monday, April 16, 2001
Lithuania's Privatization Commission said on Friday it approved the sale contract of the state-run sea shipper LISCO to Danish DFDS Tor Line - sending the draft to cabinet. "The Privatization Commission approved the draft contract and now the government will have to make a decision," a Commission official said. The government has said the Danish group would spend $107 million to get LISCO. Sources close to the deal said DFDS offered to pay the government $47.6 million up front for a 76-percent stake in LISCO and then invest another roughly $60 million in the company over the next three years. Under the proposal, DFDS would take control of the company's RoRo ferry business and some dry cargo or tramp ships, and the government would retain the bulk of LISCO's tramp fleet and other assets. The government, eager to show foreign investors it is keeping its privatisation policy on track, said it wants to complete the sale by May 1, but local truckers and some opposition politicians are trying to halt the deal.

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