BUSINESS

Greek privatization agency asks for improved bids in DESFA sale

TAGS: Privatizations, Economy

Greece's privatization agency (HRADF) on Thursday called on the two consortia that submitted binding bids for the acquisition of a 66 percent stake in the country's gas grid operator DESFA to improve their offers.

This means the preferred investor will be determined in a new round of bidding.

HRADF's board said the bids unsealed during its meeting were submitted from a consortium of Italy’s Snam, Spain’s Enagas Internacional and Belgium’s Fluxys, and a consortium of Spain’s Regasificadora del Noroeste, Reganosa Asset Investments, Romania’s Transgaz and the European Bank for Reconstruction and Development (EBRD).

The majority stake in DESFA is held by HRADF (31 pct) and Hellenic Petroleum (35 pct). Its sale is a key condition in Greece's bailout program.

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