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1st LD Writethru: Chinese COSCO's bid for acquisition of Piraeus port accepted: Greek privatization fun

Xinhua, January 21, 2016 Adjust font size:

Chinese COSCO Group's improved bid for the acquisition of Piraeus port, the largest port in Greece, was accepted on Wednesday by the Greek privatization fund, according to an official press statement.

"During today's session, the Hellenic Republic Asset Development Fund (HRADF)'s board of directors accepted the improved offer made by COSCO Group (Hong Kong) Limited in the context of the tender for the sale of the 67 percent of Piraeus Port Authority (PPA) shares," an HRADF press release said.

Under the tender's terms COSCO was requested to submit the necessary complementary documents to be declared "preferred investor."

The Chinese group submitted earlier on Wednesday an improved binding offer of 22 euros per share which accounts to 368.5 million euros for the controlling 67 percent stake in PPA, according to HRADF's announcement.

The fund's governing board had opened COSCO's initial offer on Jan. 12, but requested an improved bid.

PPA was valued at 337 million euros on Tuesday's share price.

The Chinese company was the sole bidder in the final stretch of the international tender that was launched two years ago.

Under the current timetable, the concession agreement must be approved by PPA's shareholders in February, then Greece's Court of Audit and the parliament. The process was expected to be completed by May, according to HRADF sources.

COSCO has committed to invest an extra 350 million euros over the next decade in infrastructure works at Piraeus port, according to the press release.

Should the deal is finalized, COSCO will get the majority stake of 51 percent in PPA in the first phase and the rest of the shares in five years. Enditem