Piraeus Port stake sold to China

Cosco submitted a binding offer for the stake offering a price of €22 per share, ($402.3 million overall) for the 67% stake back in January.

Advocates of the deal say that the agreement will cut the Silk Road shorter and boost similar investments into the country, which is still struggling economically.

The original tender process for 67% of shares of the port authority was launched in March 2014, but then the offer was downsized to 51%.

But, the winning bidder did get the option to purchase an additional 16% stake over five years, with the proviso that it invests around €350 million in port development.

The privatisation of Piraeus Port was one of the key conditions of the country’s bailout plan with the EU lenders.

It’s not a popular move with everyone. Last week Greek dockworkers took to the streets in protest of the port’s privatisation. The strike left shut the container terminals at the port.