MOSCOW May 26 Rail freight operator Globaltrans
said on Sunday it was not in talks with competitor
NefteTransService, denying comments from industry sources that
the firms were talking on a merger for the Russian market.
Three sources told Reuters on Friday that the companies were
discussing a merger that would create a business with sales of
$2.7 billion and control a 10 percent share of the Russian
"The Company consistently evaluates opportunities in the
Russian rail freight market, however it is currently not engaged
in any acquisition discussions with NefteTransService,"
Globaltrans said in a statement.
"The Company emphasises that its strategy remains to seek
out growth both organically and by selective acquisitions," the
Neither companies immediately commented on Friday.
A decade ago, Russian cargo owners relied on state-owned
monopoly Russian Railways as the main fleet operator, but now
70-90 percent of the country's freight fleet is privately owned.