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Greece approved China COSCO Group to purchase the equity of Piraeus port

Piraeus port

[global synthesis report] the BBC reported on January 21 that the Greek National privatization Commission (hradf) said on the 20th that they had approved the plan of COSCO Group of China (COSCO) to purchase 67% equity of Piraeus port, the largest port in Greece. The committee said they supported COSCO's improved purchase plan

according to the new plan, COSCO Group will invest 368.5 million euros to purchase 67% equity of Piraeus port authority at the price of 22 euros per share. The Greek National privatization Commission said the deal would require COSCO to invest in ports, thereby providing important economic benefits to Greece. According to this transaction, COSCO Group will first acquire 51% equity of Piraeus port, and then acquire the remaining 16% equity through investment in the next five years

last week, the Greek National privatization Committee announced that COSCO Group was the only bidder for the privatization of the small port of Piraeus elasticity, and the Committee proposed to COSCO Group with large load impact to improve the initial acquisition plan

it is reported that COSCO and a group of mature enterprise groups from Jinan once managed two major container terminals in Piraeus port through a 35 year franchise agreement signed in 2008. Driven by the then Prime Minister antonis Samaras' government, Piraeus port launched a majority stake sale process, trying to sell 67% of the equity of the port, and COSCO Group is an important potential buyer of the port. However, the radical left coalition led by Alexis tsipras stopped the privatization plan of Piraeus port on the day it came to power on January 27 last year

after being re elected in the general election in September of the same year, the tsipras government abandoned its opposition to the large-scale privatization plan. After the successful completion of this transaction, COSCO Group will fully control Piraeus port, the gateway to Asia, Eastern Europe and North Africa, including controlling the passenger ferry pet/ct that sends a large number of tourists to various Greek Islands every year to achieve a "zero" breakthrough in the market. This will also be the second large-scale privatization project completed by the tsipras government. Last December, the Greek government reached an agreement with fraport, Germany, to transfer the operating rights of 14 local airports in Greece at a price of 1.2 billion euros

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