Bidders take legal look at EYATH

Three parties interested in buying a 23.02 percent stake in Thessaloniki Water and Sewerage Company (EYATH) are conducting legal checks on the company as they prepare to submit their bids in the privatization process. The stake sale could raise the government some 55 million euros that will go toward the sell-off program that targets revenues of around 1 billion euros this year. The companies eyeing a stake in the Thessaloniki-based utility are: Aqualia of Spain (51 percent) with GEK Terna of Greece (49 percent), Suez Environnement of France (60 percent) with Hellaktor of Greece (40 percent), and Veolia Eau of France (51 percent) with Marfin Investment Group (44 percent) and Ionios (5 percent) of Greece. The Greek government, which intends to hold onto 51 percent of EYATH after the sale, has said it intends to retain the right to determine EYATH’s rates policy and control its infrastructure and network. Suez Environnement currently holds a 5.01 stake in the water and sewerage company, which has a market capitalization of 239.2 million euros. Shares in EYATH advanced 1.02 percent to 6.59 euros on the Athens stock exchange yesterday, versus a 1.02 percent advance on the broader market.