Cosco Ups Its Offer for Piraeus

Image Courtesy: Port of PiraeusImage Courtesy: Port of Piraeus

Greece accepted on Wednesday the improved offer tabled by China’s port operator Cosco Group (Hong Kong) Limited for the obtaining of 67% stake in the country’s largest port of Piraeus.

Cosco, which was also the sole bidder in the tender, submitted the offer last week, however the fund requested that the bid be improved.

As a result, Cosco Group submitted an improved binding offer, offering a price of EUR 22 per share, ie EUR 368.5 million (USD 402.3 million) for the 67% stake, the country’s privatization body said.

The Hellenic Republic Asset Development Fund declared Cosco as the highest bidder and invited it to submit the documents required, in order for it to be designated as a preferred investor, according to the terms and conditions of the tender.

The improved bid brings the Chinese port operator closer to privatization of Piraeus Port, which is one of key conditions of the country’s bailout plan with the EU lenders.

Cosco has been operating the port since 2009 and has earmarked an investment of EUR 230 million to build a second terminal at the port.

The tender process for the sale of 67% of the shares of the Piraeus Port Authority was launched in March 2014, but the stake has since been downsized to 51 percent.

The selected winner has the option to purchase additional 16 percent stake over five years, however the company has to invest around EUR 350 million in port development.

World Maritime News Staff

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