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Greek agency okays Cosco's Piraeus bid, but others must approve too

THE Greek privatisation agency has approved Cosco's offer for a majority stake in Greece's largest port, Piraeus, over objections of unions who have disrupted transport in recent weeks with inter-locking strikes.

Greek agency okays Cosco's Piraeus bid, but others must approve too
21 February 2016 - 22:33
Greek agency okays Cosco's Piraeus bid, but others must approve too
THE Greek privatisation agency has approved Cosco's offer for a majority stake in Greece's largest port, Piraeus, over objections of unions who have disrupted transport in recent weeks with inter-locking strikes.
But the completion of the transaction is still subject to the competent authorities' approvals, reports Lloyd's Loading List. It now goes to the Court of Audit for approval.
Striking dockers were protesting privatisation upon which international lenders insist as a condition of the indebted country's financial bailout.
Thus far, Greece has only generated EUR3 billion (US$3.4 billion) of the EUR50 billion total owed in the initial stage of the pay back in the face of resistance from politicians and unions as well as bureaucratic snags.
Yet the Hellenic Republic Asset Development Fund (HRADF) board after a unanimous vote, declared Cosco its preferred bidder for the 67 per cent stake in Piraeus Port Authority.
Cosco will pay EUR368.5 million (US$401.4 million) an offer accepted by the HRADF last month after its initial offer reportedly worth $300 million was rejected.
Cosco already operates the major part of Piraeus' container terminal under a 35-year concession and has turned Greece's largest port into one of the fastest-growing in the Mediterranean.
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