Monday May 25, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
M&A in Greece came to 3.3 bln euros last year, says PwC report

By Vangelis Mandravelis

The improvement in the Greek economy is highlighted by the revival of mergers and acquisitions (M&A) in the local business sector: According to PricewaterhouseCoopers (PwC), there were 15 M&A transactions in Greece last year, with a total value of 3.3 billion euros.

Small as the number of deals may be, the increase in the value of transactions is changing the mood in the Greek market, PwC argued in a report published on Wednesday. Notably, this is the first time that the multinational professional services company has published such a report since 2009.

The reported level of M&A for 2013 does not include the transactions for bank recapitalizations. It also does not account for the issue of tradable bonds, totaling 2.85 billion euros, by six Greek companies last year. PwC reported that the recapitalization of the banking sector mobilized funds of 28.9 billion euros, of which 25.5 billion came from bank bailout fund HFSF and the remaining 3.4 billion from old shareholders of the banks.

According to local PwC executive director Costas Mitropoulos, although bank recaps are included in foreign analysts’ M&A accounts, PwC in Greece decided that they should not be incorporated in its list as they constitute an obligation and not a business choice. The PwC list further includes the acquisition of the so-called “healthy” activities of Cypriot banks in Greece by Piraeus Bank last year, amounting to 524 million euros, and the minority stake of Portugal’s BCP in Piraeus that came to 400 million euros. These two transactions are different, PwC claims, as they were the outcome of an agreement.

The biggest deal last year was the acquisition of the Ethniki Pangaia property investment company by Dutch firm Invel, which reached 653 million euros. It beat the price Emma Delta paid for 33 percent of the OPAP gaming company by just 1 million.

PwC explained that the restructuring of the country’s banking sector and the government’s privatizations were the driving force for M&As last year, and that this is set to continue up to 2015.

ekathimerini.com , Wednesday June 18, 2014 (22:55)  
Spanish shares fall after vote as Greek stocks drop second day
Brussels Group talks to resume Tuesday with VAT, pension topping agenda
Greece calls on creditors to compromise as IMF payment nears
VAT adjustment is the way forward
Tourist dies in rockfall on beach in Crete
A 36-year-old tourist from the Czech Republic was killed on Sunday night when a boulder fell on her while she was on a beach in Sfakia, Crete. Rescuers reached the Glyka Nera beach by dinghy...
ND´s Bakoyannis fears capital controls over long weekend
New Democracy MP Dora Bakoyannis fears that if Greece does not reach an agreement with lenders this week it will be forced to implement capital controls over the weekend. Speaking on Skai TV...
Inside News
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
SOCCER
Reds add Cup to league trophy with 3-1 win over Xanthi
Olympiakos completed a league-and-cup double on Saturday by beating Xanthi 3-1 in the Greek Cup final at the Olympic Stadium of Athens, that was more balanced than the final score suggests. ...
Inside Sports
Greece needs a second election
Most scenarios facing Greece are bleak. The country could default, introduce capital controls, forcibly convert savers’ deposits into bank capital, quit the euro and so forth. But there is s...
COMMENTARY
No more ´quick and dirty´ fixes for Greece
International Monetary Fund Managing Director Christine Lagarde correctly said last week that the protracted negotiations between Greece and its official creditors required «a comprehensive ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Spanish shares fall after vote as Greek stocks drop second day
2. Brussels Group talks to resume Tuesday with VAT, pension topping agenda
3. Tourist dies in rockfall on beach in Crete
4. ND´s Bakoyannis fears capital controls over long weekend
5. Greece calls on creditors to compromise as IMF payment nears
6. Berg brace gives Panathinaikos four-point lead
more news
Today
This Week
1. Greece calls on creditors to compromise as IMF payment nears
2. No more 'quick and dirty' fixes for Greece
3. ND's Bakoyannis fears capital controls over long weekend
4. Tourist dies in rockfall on beach in Crete
5. Brussels Group talks to resume Tuesday with VAT, pension topping agenda
6. Greece needs a second election
Today
This Week
1. The Greek-German breakthrough that didn’t come
2. Conspiracy madness
3. Greece came close to not paying IMF
4. National self-awareness put to the test
5. Albanian demarche raises concerns about possible territorial claims over Greece
6. Greek endgame nears for Tsipras as bank collateral hits buffers
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.