Competition Commission Rubber-Stamps COSCO-OLP Sale Deal

coscoThe Competition Commission approved the sale of a majority stake in Piraeus Port (OLP) to China’s COSCO during its meeting on Wednesday, saying it is in line with Greek competition laws.
“Having taken into account the conditions and prospects of the relevant market, the improvements in its efficiency and the commitments given, concluded that the concentration does not raise serious doubts as to the compatibility of the deal with the performance requirements of competition in the individual markets it concerns,” the Commission said in its decision.

In March, the Court of Audit also approved the deal for the sale of 67% of OLP to the Chinese shipping giant and rejected a request for cancellation of the deal, filed by the union of port employees (OMYLE) and the union of OLP’s dock workers.

The next step is for the concession agreement to be submitted to parliament for approval, which is expected to take place on Friday. After the parliament gives the green light, the privatization agency (HRADF) will ask COSCO to pay initially for 51% of OLP and the management of the port.
(source: ana-mpa)