Italgas outbid Czech group EP Investment Advisors in a tender for the sale of Greece’s state-controlled gas distribution network, DEPA Infrastructure, Greek energy news site energypress.eu reported on Friday.
Greece and its biggest oil refiner, Hellenic Petroleum , are jointly selling their 65% and 35% stakes, respectively, in DEPA Infrastructure.
The country’s privatisation agency HRADF, which is managing the sale, said on Thursday it had unsealed the two binding offers submitted by Italgas and EP and that it would initiate a process to ask bidders to increase them.
It did not disclose the highest bidder or the size of each offer.
Citing unidentified sources, the report said Italgas had submitted the highest bid, which was believed to be close to €700 million.
HRADF and Hellenic Petroleum declined to comment. Italgas said it would not comment on rumours.
Two sources close to the process said on Friday that improved offers were expected by September 8, before HRADF’s board convenes to discuss the matter, most likely on September 9.