Bids for OLP by December 5

Bids for OLP by December 5

State privatization fund TAIPED set a December 5 deadline late on Wednesday for the submission of binding bids for the controlling stake in Piraeus Port Authority (OLP).

TAIPED officials said on Thursday the date has not yet been officially confirmed but that it will be in the coming days, with the bids by the three interested parties (Cosco Pacific, Maersk and ICTS) set to be tabled in early December.

The TAIPED management tried to allay the concerns of the creditors’ technical experts during Wednesday’s board meeting, particularly as far as the concession of the Drapetsona dock zone is concerned. Sources said that the fund’s management defended its position that the concession of the dock zone does not constitute a loss for OLP, the minority stakeholders or even the majority stakeholders, as it does not diminish the price that the Greek state seeks to secure from the sale.

Sources close to the TAIPED management noted on Thursday that the only notable asset in that zone is the ferry to Salamina, which will remain property of OLP.

Nevertheless, it is believed that the action by the port workers’ union and various other entities that oppose the privatization of OLP will continue and culminate close to the deadline for the binding offers. Market professionals are certain that no reactions can affect the course of the tender anymore, and that even if one bid is accepted it will suffice for the privatization of the port.

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