Latsis group increases stake in state oil firm
The Latsis industrial and banking group yesterday raised its stake in Hellenic Petroleum (HELPE), the country’s biggest oil refiner, by buying another 8.21 percent from the State. The Latsis Group now holds 32.88 percent of HELPE. The sale involved the transfer of 25,079,700 shares at a price of 7.65 euros each. The State gained 191.86 million euros. The Economy and Finance Ministry said that it had decided to sell the stake to Paneuropean Oil & Industrial Holdings, a unit of the Latsis Group. While the State now holds 35.5 percent of HELPE, the Finance Ministry said that the sale does not announce the Latsis Group’s current management participation rights or increase its presence on the board of directors. As one of the reasons for the sale, which was advised by National Bank of Greece and UBS, the government said that any other buyer would have meant the state ceding additional management rights.