Greece approves Cosco’s latest offer for Piraeus

China’s port operator Cosco Group (Hong Kong) Limited has been unanimously declared as the preferred buyer of the 67% stake in Piraeus, one of the largest Greek ports.

Cosco’s initial offer for the Greek port was initially rejected as the Hellenic Republic Asset Development Fund informed the company that it needed to improve its proposal.

Cosco’s renewed offer was set at a price of EUR22 per share, which amounts to a total of EUR368.5 million (USD402.3 million) for the 67% stake.

The fund said that the sale is still subject to the relevant authorities’ approvals, adding that the tender dossier will be submitted directly to the Court of Audit for pre-contractual control and the share sale contract will be signed after the approval of the court.

The news follows a recently organized two-day industrial action by Greek dockworkers protesting against the sale of the country’s biggest two ports, namely the Piraeus and Thessaloniki, which are being privatized within the country’s bailout plan.

The strike, which started on February 16, was launched due to the workers’ fear that privatization would cost them their jobs as foreign port operators might introduce cheaper labor force.

Greece is also looking for a buyer of a 67% stake in the country’s port of Thessaloniki. 

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