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Cosco will pay USD 1.1 billion for Greece's Port of Piraeus

The figure looks impressive on paper, but the Greek board of directors tasked with selling the country's biggest port is less impressed.

Den græske havn Thessaloniki på billedet skal også privatiseres. | Photo: Thanassis Stavrakis/AP/POLFOTO/arkiv

USD 762 million plus another USD 380 million in investments over the next five years. This is how much China's Cosco Shipping Group is willing to pay the Greek state for a 67 percent majority stake in the country's biggest port in Piraeus, reports China Daily. An investment that, for players such as the Maersk Group's APM Terminals unit, is not commercially interesting, and the question now is whether Cosco's offer is even high enough.

APM Terminals was among the five port operators in the race to acquire the major Greek port, but when the board of directors of the country's privatization fund earlier this week opened the envelope with binding offers, Cosco was the sole player left. The fund said thank you and asked Cosco to raise its bid.

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