Date
21 January 2017
Greece has confirmed that China Cosco will be acquiring majority stake in Piraeus Port Authority. Photo: Bloomberg
Greece has confirmed that China Cosco will be acquiring majority stake in Piraeus Port Authority. Photo: Bloomberg

China Cosco to pay over US$400 mln for 67% stake in Greek port

Greece said on Wednesday that China Cosco Holdings will be buying 67 percent stake in Piraeus port in a deal worth 368.5 million euro (US$402.1 million).

Cosco submitted a sole bid last week for the port asset, but was told by the Hellenic Republic Asset Development Fund, which handles Greek state asset sales, to improve the offer.

Responding to the request, Cosco put forth “an improved binding offer” of 22 euro per share for the stake in Piraeus Port Authority, the Greek privatizations agency said, according to the Wall Street Journal.

The offer, which was accepted, provides a considerable premium to the current share price, which ended Wednesday’s session on the Athens bourse at 12.95 euro, the report noted.

Right from the beginning, Cosco was seen as the favorite to win the Greek port deal as the company already operates two container terminals in Piraeus under a 35-year concession it acquired in 2009.

Cosco executives have said that they want to develop the port into a logistics center that will move goods to Eastern Europe.

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