Cosco asked to make improved bid for Piraeus Port stake

Piraeus Port

Greece’s privatization fund (TAIPED) on Tuesday asked sole bidder Cosco Pacific to table an improved bid for the 67 percent stake of Piraeus Port Authority (OLP).

Cosco’s chief financial officer and Chinese Communist Party commissar Sun Yueying, is in Athens to close the deal, along with Cosco’s consultant, French investment bank Lazard. A deal is expected to be achieved but not at a much higher price than that of Cosco’s original offer.

The improved offer that TAIPED requested on Tuesday from Cosco will be assessed in a fund board meeting next week. However, no announcement was made as to an exact date, nor the original bid’s size.

The Athens stock exchange on Tuesday suspended trading in shares of Piraeus Port Authority.

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