ECONOMY

HDFS in talks to buy Ioniki from Philip Morris

Retailer Hellenic Duty Free Shops (HDFS) is in cooperation talks with retailer Ioniki SA, a unit of cigarette firm Papastratos which is part of Philip Morris, the company said yesterday. «Management announces that no decision has been made yet,» HDFS said. Financial daily Imerisia had reported that HDFS was close to signing a deal with Philip Morris to acquire Ioniki, which supplies cigarettes and liquor to duty-free outlets on vessels sailing to foreign ports. HDFS runs duty-free and other retail stores in airports, ports and border stations throughout Greece and has exclusive rights until 2048. Retailers Folli-Follie and Germanos hold a combined 49 percent stake in HDFS. (Reuters)