ECONOMY

Sale of 67 pct stake in Piraeus Port Authority approved

sale-of-67-pct-stake-in-piraeus-port-authority-approved

Greece's Court of Audit has approved the sale of a 67 percent in the Piraeus Port Authority (OLP) to Chinese giant Cosco, sources at the TAIPED privatization fund said on Tuesday.

TAIPED accepted Cosco's bid for the majority stake in OLP last month. Cosco was the only interested party that submitted a binding offer by the December deadline.

Cosco will in a first phase obtain 51 percent of the shares for 280.5 million euros, and the remaining 16 percent within five years for 88 million euros.