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

BY OLE ANDERSEN

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.

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