China’s State Grid Submits Winning Bid for 24% Stake in ADMIE

ppcGreece’s power utility PPC announced on Wednesday that China’s State Grid Corporation has submitted the winning bid for a 24 percent stake in grid operator ADMIE, offering 320 million euros.

The other candidate was a consortium led by Italy’s Terna.

PPC’s board of directors said it will validate the offer on Monday while a final decision will be made on November 24, during PPC shareholders’ general assembly.

At the end of the procedure, the State will control 51 percent of ADMIE, while its CEO will be appointed after an agreement between the State and the strategic investor.

Source: ANA-MPA