China Cosco Holdings on Tuesday made a binding offer for a majority stake in Greece’s Piraeus port, a move that is expected to turn the facility into a logistics hub for Chinese exports to Europe.
The Hellenic Republic Asset Development Fund, which handles Greek state asset sales, didn’t reveal the value of the bid, but gave Cosco a week to make a better offer, the Wall Street Journal reported.
Two other short-listed investors, APM Terminals and Philippines-based port operator International Container Terminal Services, didn’t submit binding bids, according to the report.
Cosco was the favorite to win the concession given the fact that it already operates two container terminals in Piraeus under a 35-year concession it acquired in 2009.
Sources told the Journal that Cosco’s bid for a 67 percent stake in the Mediterranean port was seen at around 700 million euro (US$758 million) including about 350 million euro in infrastructure investments over five years.
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