Greece's Port of Piraeus wants better offer from Cosco

The fund behind the privatization of Greek port Piraeus has received a binding offer from Cosco Group, but the offer is not good enough to complete the process.

Photo: APM Terminals

After the board of directors at Hellenic Republic Asset Development Fund - which is responsible for the privatization of Greece's major Port of Piraeus - gathered on January 12th, it was announced which of the contenders in play have made binding financial offers in relation to the sale of 67 percent of the shares in the port.

The only player to make it all the way through the at times messy tender process is China's Cosco Group. In an email to ShippingWatch, the fund informs that it has asked for "a better financial offer," which will be assessed at a subsequent board meeting. This meeting is scheduled for next week.

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