EuropePorts and Logistics

Cosco’s improved bid for Piraeus gets initial approval

As expected Cosco made an improved offer yesterday to take over Greece’s Piraeus port. The Chinese maritime giant has bid EUR368.5m ($402m) for the port.

The board of Greece’s privatisation agency (HRADF) have okayed Cosco’s offer for a 67% stake in Piraeus port, a move that has proved deeply controversial for local dockworkers who have protested privatisation moves.

Cosco has had a terminal concession at Piraeus since 2009, and is spending EUR230m on a second terminal.

HRADF announced last week that Cosco was the sole bidder for Piraeus Port Authority (OLP), the manager of the port, but it asked the Beijing-headquartered firm to improve its initial bid.

 

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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