OLTH bids are ex­pected at around 190-220 mln

Kathimerini English - - Focus - VANGELIS MANDRAVELIS

This Fri­dayis the dead­line for bids for a ma­jor­ity pack­age in Thes­sa­loniki Port Au­thor­ity (OLTH), but it ap­pears that if the of­fers of the two suit­ors are too close to one an­other there may be an ex­ten­sion up to May 10.

The mar­ket is an­tic­i­pat­ing of­fers that will range be­tween 190 and 200 mil­lion eu­ros for the 67 per­cent stake in the coun­try’s sec­ond port. This price con­tains a pre­mium be­tween 30 and 50 per­cent, which is nor­mal for sales where the pre­ferred bid­der will as­sume con­trol of the as­set on sale.

This is sim­i­lar to the 50 per­cent pre­mium Cosco paid for the ac­qui­si­tion of a 51 per­cent stake (plus 17 per­cent) for Pi­raeus Port Au­thor­ity.

All signs point to the new owner set­tling in at OLTH dur­ing the sec­ond half of the year. At least the au­thor­ity, along with pri­va­ti­za­tion fund TAIPED, re­cently set­tled a sig­nif­i­cant is­sue sign­ing a new col­lec­tive la­bor con­tract.

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