Monday September 1, 2014 Search
Weather | Athens
29o C
23o 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 analystsí 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 ďhealthyĒ activities of Cypriot banks in Greece by Piraeus Bank last year, amounting to 524 million euros, and the minority stake of Portugalís 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 countryís banking sector and the governmentís 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)  
Greek economy shrinks at slowest pace since late 2008
Prospect of Greek grand prix back on the agenda; huge investment needed
Juggling lighter tax burden and fiscal targets
Government tries to get handle on NPLs
Hardouvelis optimistic ahead of Paris meeting
The Greek government has stepped up its efforts in advancing the structural measures it has committed to, Finance Minister Gikas Hardouvelis said Monday ahead of a two-day meeting with troik...
Erdogan visits Turkish-occupied Cyprus
Recep Tayyip Erdogan was on Monday expected in Turkish-occupied northern Cyprus in his first official visit as new Turkey President. Erdogan, who was sworn in as his country's first popularl...
Inside News
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
SOCCER
Tough draw for Greek sides in Europa League group stage
Following Thursday nightís high, when all three Greek teams competing in the Europa League made it into the group stage of the competition, a harsh reality struck Friday as they found out wh...
Inside Sports
COMMENTARY
A great president
I fully understand the countryís need for political stability, a necessity which makes the election of a president by the current Parliament absolutely imperative. At the same time, however,...
EDITORIAL
Donít feed the zombies
There can be no growth without resolving the issue of nonperforming business loans. However, the solution to this problem should not be based on old establishment criteria, such as political...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Hardouvelis optimistic ahead of Paris meeting
2. Erdogan visits Turkish-occupied Cyprus
3. Greek economy shrinks at slowest pace since late 2008
4. Laid-off cleaners to protest outside police headquarters
5. Protesters interrupt blessing ceremony at University of Athens
6. Deputy Education Minister Koukodimos resigns
more news
Today
This Week
1. A great president
2. Excavation work at Amphipolis reveals section of marble mosaic floor
3. Donít feed the zombies
4. Greek officials meet to fine tune strategy for Paris talks with troika
5. Deputy Education Minister Koukodimos resigns
6. Protesters interrupt blessing ceremony at University of Athens
Today
This Week
1. Attack on gay couple in Athens leaves one man needing surgery
2. The battle against progress
3. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.