Au­toHel­las to ab­sorb car im­porter P&R Davari

Kathimerini English - - Front Page - EVGENIA TZORTZI

The Vas­si­lakis Groupof com­pa­nies is ex­pected to ac­quire 70 per­cent plus the man­age­ment of the firm that im­ports Hyundai and Kia ve­hi­cles to Greece, fol­low­ing an agree­ment be­tween the two sides which are now in ne­go­ti­a­tions with the cred­i­tor banks.

Talks on the fi­nal deal are at an ad­vanced stage, with a mem­o­ran­dum of un­der­stand­ing al­ready signed, and it will prob­a­bly be com­pleted by the end of the year. It pro­vides for the trans­fer of P&R Davari – the im­porter of Kia and Hyundai ve­hi­cles – to the Au­toHel­las group. Panos Davaris will likely re­tain 30 per­cent and con­tinue to chair the com­pany.

Sources say the ne­go­ti­a­tions with the banks con­cern the re­struc­tur­ing of P&R Davari’s loans, with the par­ties in­volved say­ing “a so­lu­tion can be found.” The obli­ga­tions of the P&R Davari Group amount to 109 mil­lion euros. The re­struc­tur­ing ef­fort in­cludes a gen­er­ous hair­cut by the cred­i­tor banks and the ac­qui­si­tion of the P&R Davari as­sets by the cred­i­tor in­sti­tu­tions.

With Au­toHel­las un­der­tak­ing the Hyundai rep­re­sen­ta­tion, the Vas­si­lakis Group will be able to strengthen its im­port­ing ac­tiv­ity, in­creas­ing the num­ber of brands it rep­re­sents and, in do­ing so, its mar­ket share.

The aim of Au­toHel­las, ac­cord­ing to Gior­gos Vas­si­lakis, is to con­sol­i­date its lead­ing po­si­tion in the mar­ket, pre­serv­ing the range of its ac­tiv­i­ties that have al­lowed it to be suc­cess­ful in both the rental and the deal­er­ship do­mains.

At the end of 2015 Au­toHel­las ab­sorbed Vel­mar (im­porter of Seat cars) and Tech­no­car’s re­tail and car ser­vices ac­tiv­i­ties. Its turnover from car rental ser­vices in Greece rose 11.6 per­cent from 2014 to reach 18.7 mil­lion euros last year.

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