Date
26 March 2017
Cosco is seen as the favorite to win a majority stake in Greece's Piraeus port as it already operates two container terminals there. Photo: AFP
Cosco is seen as the favorite to win a majority stake in Greece's Piraeus port as it already operates two container terminals there. Photo: AFP

China Cosco said to be sole bidder for Greek port stake

China Cosco Holding Co. is the sole bidder for a majority stake in Greece’s Piraeus port, which is being privatized in a long-delayed deal, according to the Wall Street Journal.

Two other short-listed investors, APM Terminals and International Container Terminal Services, didn’t submit binding bids by Monday’s deadline, the report said, citing people familiar with the matter.

“It will be complicated for offers to be accepted after the deadline, but since the seller has not officially said who put forward binding bids, it’s not unprecedented that a late entry comes into the fold,” a source told the paper.

The Hellenic Republic Asset Development Fund, which handles Greek state asset sales, will disclose the bids for the port on Jan. 12. 

The deal involves bids for a 67.7 percent stake in Piraeus Port Authority SA.

Regardless of the number of offers, Cosco is considered the favorite to win the bid as it already operates two container terminals at Piraeus, the report said.

The Chinese firm is using Piraeus, which is one of the largest ports in the Mediterranean, as a transshipment hub for Asian exports to Europe coming in on container vessels from China.

Stergios Pitsiorlas, head of the Hellenic Republic Asset Development Fund, told the Journal last week that the fund will consider Cosco’s existing investment in Piraeus when evaluating the bids. 

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RC

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