19.4 C
New York
Saturday, October 16, 2021

Germany plans temporary nationalization of truck toll company

Germany plans temporary nationalization of truck toll companyGermany plans temporary nationalization of truck toll company

BERLIN (Reuters) – The German government plans to nationalise motorway truck toll company Toll Collect temporarily until a new operator has been found, a transport ministry spokesman said late on Monday.

Toll Collect, the world’s first satellite-based truck toll system, is 45 percent-owned by German carmaker Daimler (DE:), 45 percent by Deutsche Telekom (DE:) and 10 percent by Vinci (PA:) unit Cofiroute.

Confirming a report by business daily Handelsblatt, the transport ministry spokesman said that the federal government intends to take over the Toll Collect in September before starting the bidding process to renew the operating contract, which expires this year.

“It is not intended that the government will hold the shares in the operating company permanently,” the spokesman said.

Handelsblatt’s report said the reason for the planned nationalization was unresolved legal disputes between the federal government, Toll Collect and its shareholders.

There are currently two arbitration proceedings involving Toll Collect. In the first case, the government is claiming damages from Toll Collect and its consortium for the late introduction of the truck toll and for contractual penalties.

In the second case, Toll Collect is seeking compensation from the government for operation of the toll system.

The Handelsblatt report said that Berlin is still in negotiations with the shareholders in an effort to resolve the disputes and ensure that potential liabilities arising from the cases do not hinder a sale.

The ministry spokesman declined to comment further on the matter.

Daimler and Deutsche Telekom on Tuesday both declined to comment on the report.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

10,814FansLike
12,893FollowersFollow
756FollowersFollow
- Advertisement -

Latest Articles

Popular Articles