ECONOMY

Stock exodus expected in April

stock-exodus-expected-in-april

The Greek stock market is bracing for an outflow of listed companies in April, further reducing Greek and foreign investors’ options on the Athens bourse. A number of companies started the exodus – which is set to peak next month – in the last week, while there doesn’t appear to be any interest in new listings.

Food company Stelios Kanakis announced on Friday it will be leaving the Athens Exchange after Norwegian company Orkla Food Ingredients’ 32.6-million-euro public bid, while the Iaso hospital is also about to be delisted after the completion of the public proposal by US fund Oaktree. During the week another food company, Kriton Artos, which was bought out by the SwitzGroup, decided in favor of its delisting, and Aeolian Investments also left Athinon Avenue after being transformed from a company into a mutual fund.

Monday will be the final day of trading for Druckfarben, Hygeia and Nexans after their takeover bids, with Minoan Lines set to follow as the coastal shipping company’s main stakeholder has over 95 percent of shares and plans to squeeze out the other shareholders.

Anemos and Grivalia will also be delisted after being absorbed by Ellaktor and Eurobank respectively, as sources add NBG Pangaea to the exodus.