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Cosco takes control of major Greek port

Chinese Cosco had to raise its bid to over USD 400 million for a controlling stake in Greece's Port of Piraeus.

Photo: Thanassis Stavrakis/AP/POLFOTO/arkiv

The board at the Greek privatization fund, Hellenic Republic Asset Development Fund, approved Cosco's bid on Wednesday for 67 percent of Greece's Port of Piraeus, which is the largest in the country. The stake is worth EUR 368.5 million or about USD 400 million, the fund states.

The total value of the deal is estimated by the fund to be EUR 1.5 billion, or USD 1.6 billion, when Cosco carries out investments in the port in coming years as part of the concession agreement.

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