News Content
All on tenterhooks as Greece evaluates new Cosco bid for Piraeus Port
GREECE will evaluate an improved bid that China's Cosco is due to submit for a 67 per cent stake in Piraeus Port, a senior official at the privatisation agency (HRADF) said.
"HRADF's board is scheduled to convene to assess an improved offer that Cosco will have submitted by then," the official told Reuters.
The official said if Cosco's bid was not satisfactory the agency could ask the company to improve it further. The agency has the right to cancel the tender if it deems it unsatisfactory.
"Negotiations with Cosco will continue until the last minute so that we achieve the best possible price," the official said.
Piraeus Port is valued at US$367 million based on Monday's share price. A source close to the process said that Cosco has offered about $300 million for Piraeus Port, a premium of about 22 per cent, according to Reuters calculations.
The leftist government of Alexis Tsipras halted the sale of the port and other state assets after winning elections in January last year but resumed the process under a third bailout of up to EUR86 billion (US$94 billion) agreed in August.
"HRADF's board is scheduled to convene to assess an improved offer that Cosco will have submitted by then," the official told Reuters.
The official said if Cosco's bid was not satisfactory the agency could ask the company to improve it further. The agency has the right to cancel the tender if it deems it unsatisfactory.
"Negotiations with Cosco will continue until the last minute so that we achieve the best possible price," the official said.
Piraeus Port is valued at US$367 million based on Monday's share price. A source close to the process said that Cosco has offered about $300 million for Piraeus Port, a premium of about 22 per cent, according to Reuters calculations.
The leftist government of Alexis Tsipras halted the sale of the port and other state assets after winning elections in January last year but resumed the process under a third bailout of up to EUR86 billion (US$94 billion) agreed in August.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
