Thessaloniki privatisation: “Fifteen men on a dead man’s chest”

Thessaloniki container terminal. Source: Thessaloniki Port Authority

Today Greece’s privatisation agency has announced that three binding bids were received yesterday for a 67% stake in the port of Thessaloniki.

The offers came from Philippines-based International Container Terminal Services Inc. (ICTSI), Dubai-based DP World and a consortium comprising German private equity firm Deutsche Invest Equity Partners, Terminal Link (a subsidiary of CMA CGM) and Russian-Greek investor Ivan Savvidi’s group.

Japan’s Mitsui & Co. has obviously decided to abstain.

As we wrote yesterday, the winner will be announced not later than April 7.

According to the tender documentation, apart from the price the preferred bidder has to pay for the majority stake, it will have to invest EUR 180 mln within 7 years to develop the port.

The Thessaloniki privatisation is a part of the country’s bailout deal with the European Union and the International Monetary Fund. The country must raise some EUR 6 bln through the sale of state-controlled assets by 2018, according to the terms of its third bailout agreement with creditors reached in 2015.

Julia Louppova:
Related Post