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

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.

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