Final bids in for Piraeus

The prospective buyers will not be made public until early next month when the bids are unsealed on 12 January.

In a recent statement, the country’s privatisation agency (HRADF) said: “The procedure for the submission of binding offers for Piraeus Port Authority was completed today.”

The potential winning bidder will have a 51% stake in the port and may opt to acquire an additional 16% stake over five years after completing investments of approximately €300m.

Greece had announced that China’s Cosco Group COSCO.UL, Denmark’s container terminal operator APM Terminals and Philippines-based International Container Terminal Services were interested in the sale.

Unsubstantiated rumours claimed that Cosco Group COSCO.UL was the only bidder, which if confirmed would be a blow to the process.

The process itself has already had many difficulties over the past year. The sale was put on hold in October due to a review of the draft agreement, and later last month the bid deadline for Pireaus was also pushed back.

There has also been protests from workers who have opposed the further privatisation of Piraeus and the country’s second biggest port, Thessaloniki Port Authority, due to fear of job cuts.