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.