The goverment of Grecce, which recently cancelled the sale of a 67% stake of Piraeus Port Authority S.A. (OLP), has requested again bids from the three interested investors.
The three bidders are:
Ports America Group Holdings and Utilico Emerging Markets Limited were among the 5 shortlisted companies but they have pulled out of the bidding.
The preferred bidder will acquire 51% in OLP with an option to acquire 67% in five years. The acquisition option is subject to a €300 million (US$341.7 million) investment in the port during that period.
Piraeus is one of the busiest passenger ports in Europe, according to OLP data, and one of the top cargo ports in the Mediterranean. Cargo traffic rose 15% to 3.1 million twenty-foot equivalent units in 2013.
OLP was founded in 1930. It offers ships' anchoring, cargo handling, loading and unloading, goods storage, and car stevedoring services, as well as harbor to ships. It is also involved in the development of combined transportation operations, provision of services related to combined transportation, and organization, development, management, and marketing of ship repair.
In April the Deputy Prime Minister of Greece announced that the sale of OLP to COSCO Group Limited was set to be completed. Although the agreement was finally cancelled, COSCO remains as the favorite to take over OLP due to the fact that the firm currently operates Pier II and III of the Piraeus port.