China’s Cosco Group Acquires 67% of Pireaus Port

COSCOChina’s Cosco Group will obtain 67 percent of Pireaus Port (OLP) after the company submitted an improved offer of 368.5 million euros, (€22/per share) Greece’s privatization fund (HRADF) said in a press release.

The group was the only company that had submitted a bonding offer for the country’s biggest port last week and the agency had requested an improved offer. As soon as Cosco submits the documents required it will be designated as a preferred investor, according to the terms and conditions of the tender.

Besides acquiring 67 percent of Piraeus Port, Cosco has also committed to investing 350 million euros in the next five years.

OLP’s valuation in the Athens stock market stood at 337 million euros at the end of trading on Tuesday.
(source: ana-mpa)