Russia's Globaltrans says in talks to buy MMK-Trans

MOSCOW Mon Dec 17, 2012 2:18am EST

MOSCOW Dec 17 (Reuters) - Russian freight operator Globaltrans said on Monday it is engaged in exclusive talks over potential acquisition of MMK-Trans, a subsidiary of steelmaker MMK.

"The potential acquisition of MMK-Trans is consistent with the group's strategy to seek out growth both organically and by means of selective acquisition," the company said.

It added it was also negotiating a long-term contract for the transportation of MMK's freight rail volumes. The company provided no financial details of the deal.

Business daily Kommersant reported last week Globaltrans could buy MMK-Trans for around $300 million.