China’s Cosco sole bidder in Piraeus privatisation, says agency

PireausPiraeus privatisation: China’s Cosco Group has emerged as the sole bidder in attempts by the government in Athens to sell off a majority stake in the Piraeus Port Authority, the Greek agency in charge of the privatisation said this week. Cosco already owns the port’s container terminal which it acquired for $500m five years ago.
The government in Athens halted the port privatisation after the elections in January 2015, but resumed the process under the €86bn bailout deal it agreed with its euro zone partners in August. Final bids were due in by December 31 and, although Danish container terminal operator APM Terminals and the Philippines-based International Container Terminal Services were also said to be interested, speculation that Cosco would emerge as the only interested party now appear to have been justified.
The agency is to ask the Chinese company to raise its offer, which at current market valuation would fetch around US$179m. 
In 2014, the port handled 16.8 million passengers and 3.6 million 20-foot equivalent units (TEUs) of containers.

Source: scmp