BUSINESS

Hellenic Petroleum bid deadline pushed back

TAGS: Business, Energy

Greece has told short-listed investors to submit final bids for a majority stake in its biggest oil refiner Hellenic Petroleum (HELPE) by January, two sources close to the sale said on Monday, pushing the deadline back from November.

Greece, which is selling assets as part of a deal with international lenders, has delayed the deadline several times after Glencore Energy and Vitol Holding were short-listed to bid for the 50.1 percent stake in the summer.

The market value of the stake in HELPE is now almost 1.2 billion euros, according to Refinitiv’s Eikon data.

A source had previously said it expected final bids for the stake “toward the end of November,” but two sources close to the sale said the new deadline was in January.

The state has been awaiting a decision by the securities regulator on whether the prospective buyer will have to make a mandatory offer to buy the remaining shares.

Charalampos Gotsis, chairman of the regulator Hellenic Capital Market Commission, told Reuters the commission had decided last week that the winner would not have to make a mandatory offer.

[Reuters]

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