China’s port operator Cosco Group (Hong Kong) Limited has been confirmed as the sole bidder for Greek Piraeus Port Authority SA as APM Terminals and International Container Terminal Services didn’t submit binding bids
The Hellenic Republic Asset Development Fund has given Cosco a week in order to make a better offer. “According to the terms of the process, the Fund requested the submission of an improved financial offer to be assessed at a subsequent meeting of the Board scheduled to be held in the coming week,” the Fund stated.
The Wall Street Journal reports that people familiar with the transaction said Cosco’s bid for a 67% stake in the port was around €700 million (nearly $758 million) including about €350 million in infrastructure investments over five years. The original offer to investors was a 67.7% stake.
