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

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2016 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

TOC Americas

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers. Over time, TOC has evolved and whilst they continue to deliver the highest quality technical content in line with their heritage, they also recognise that they must now hear from stakeholders higher up the cargo chain. Therefore, there are now two distinct elements to the event:

The exhibition is a showcase for port & terminal technology and operations plus TECH TOC, the free to attend technical conference aimed at terminal operators and their suppliers. Many suppliers come together to showcase cutting edge solutions to their clients, the terminal operators and ports.

More recently, the events now placed a new focus on the container supply chain making them the premier business and networking event for the stakeholders, including shippers, carriers and 3pl’s as well as the global operators and port authorities. This conversation takes place in the more recently created Container Supply Chain Conference.

More info

read more >

BWMTech North America 2016

Key sessions at BWMTech NA 2016:
• A guide to Ballast Water Treatment System Selection.
• Market Modelling: Forecasting the market response to ratification…

read more >

Arctic Shipping Forum North America

The ASF Arctic Shipping North America 2016 Innovation Award will be presented to a company or individual that has developed an innovative idea…

read more >

Singapore International Bunkering 2016

SIBCON 2016 will be about perspectives, conversations, dialogue, and above all networking. With all discussions under Chatham House rules…

read more >