"After six hours of negotiations ... we can declare a winner in the race for the privatisation of CFR Marfa and that is Grup Feroviar Roman," said Transport Minister Relu Fenechiu.

　　According to the official, GFR offered 202 million euros, to be paid up in full. The winning bidder will invest roughly 200 million euros in the company in the years to come and 1.5 million euros for environmental works.

　　The government has set a starting price of 180 million euros for the indebted CFR Marfa which expects to post a gross loss of 211 million lei (61.5 million dollars) this year. The last time CFR Marfa recorded an annual profit was in 2007.

　　"We hope to sign the privatisation contract in the near future and we hope CFR Marfa will become a profit-making, flagship company for Romania," said Fenechiu, adding that the contract is scheduled for signing next week and the deadline for GFR to show the money is two months after the contract is signed.

　　GFR remained the only bidder in the race for CFR Marfa after the Romanian-Austrian association Transferoviar Grup - Donau Finanz and American company OmniTRAX have withdrawn. Both companies are contesting the privatization process.

　　In relation to the complaints filed by the other two bidders, the minister said the judiciary opinions of the ministry's consultants indicate there is no basis on which to be considered.

　　GFR employs around 9,000 people and holds a 30 percent market share in the freight business.

　　The potential market monopoly of GFR following the takeover of CFR Marfa will be analyzed by the Trade Competition Council, said Fenechiu.

　　The sale of a majority stake in CFR Marfa is part of the reform program agreed by Romania with international lenders.

　　The Bucharest authorities promised the International Monetary Fund (IMF) to designate a winner of the auction for CFR Marfa by June 20, very shortly before the Fund Board meeting.

　　Grup Feroviar Roman, or simply GFR, is the largest private railway company in Romania and one of the largest in South Eastern Europe.

　　Founded in 2001, the company owns freight operations in Romania, Hungary, Bulgaria, Serbia, Ukraine, Moldova, Montenegro and Mozambique, and railcar production and maintenance operations in Romania, Hungary, Serbia and Ukraine.