ECONOMY

TAIPED formally approves Cosco’s bid for Piraeus Port

taiped-formally-approves-cosco-s-bid-for-piraeus-port

State sell-off fund TAIPED formally accepted the binding bid submitted by Cosco Pacific for the majority stake in Piraeus Port Authority (OLP) on Wednesday, while the port company’s stock posted a significant increase on the Athens bourse in response to the Council of State’s rejection of various objections to OLP’s privatization.

TAIPED announced that the sell-off agreement will now be forwarded for approval to the State Audit Council, after which the contract for the sale of the 67 percent stake in OLP to the Hong Kong-listed company will be signed.

The completion of the transaction will also depend on the Competition Commission’s approval.