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Greece asks Cosco to up its bid for Piraeus Port Authority stake

Greece’s state sell-off fund TAIPED has asked Cosco Pacific to increase its offer for the 51% stake in Piraeus Port Authority after its bid was unsealed in Athens yesterday.

The bid was assessed alongside independent appraisals by the Kantor-Deloitte consortium and American Appraisal Hellas, but no indication of Cosco’s bid or that of the consultants has been disclosed.

The tender includes the option to purchase up to a 66% stake in the Port Authority in five years’ time if the bidder invests 350m Euros in the port. No other bids were submitted before the December 21 deadline, reports say.

Cosco’s CFO Sun Yueying is currently in Athens to close the deal with Cosco’s consultant, French investment bank Lazard, according to reports from Kathimerini.

Sources tell the Greek newspaper that Cosco is prepared to raise its bid, but not much higher because the Port Authority’s stock value has dropped well below its offer.

Trading of shares in Piraeus Port Authority was suspended on the Athens stock exchange yesterday prior to the bid being unsealed.

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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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