Cosco in ‘very advanced’ talks to buy Piraeus port stake

Cosco in ‘very advanced’ talks to buy Piraeus port stake

Athens: China’s Cosco is in “very advanced” discussions with the Greek government to acquire a 51% stake in Piraeus Port Authority, reports say.

“We are in very advanced talks to expand this cooperation very soon in relation with the inclusion of a railway network as well,” Panos Kammenos, Greece’s defence minister, told a conference in Athens today.

The revised terms of the tender include the option to purchase up to a 67% stake in five years’ time if the bidder invests 300m Euros, officials said yesterday.

APM Terminals and International Container Terminal Services have also submitted bids for the port stake.

Greece is expected to name the winner of the tender at the end of September or in early October.

Cosco already operates Piraeus Container Terminal at the port.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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