Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece

Cosco Pasific is the only contender to purchase the Piraeus Port in Greece

25.12.2015 News

Cosco Pasific is the only contender  to purchase the Piraeus Port in GreeceCosco is the world’s leading container carrier that is the only candidate  to bit for the purchase of 51% stake in the state port of Piraeus in Greece.

The  sale will help to generate hundreds million of euros for Greece, which is experiencing significant financial difficulties ,  therefore is engaged in the sale of  State assets. The Government has adopted the relevant legislation in order to help keep Greece from defaulting.

At the moment, the Chinese company Cosco is the only potential buyer  on bids, according to informed sources.

 Representatives of the Greek side of the agreement stated that the Chinese company has long cooperation with the shipping industry in Greece, including the multi-billion dollar loans have been allocated to Greek owners to build ships; the partnership with Cosco always been profitable and that is why they should  buy the state port of Piraeus.

Piraeus is one of the largest ports on the Mediterranean and Cosco  is already using it as a transshipment Center  for Asian exports to Europe.

The deal includes an offer to buy 67.7% stake in the port of Piraeus. 51% of the shares will be transferred to the winning bidder immediately and the remaining 16.7% over the next five years, if it invested by € 300 million on the modernization of the port industry in Greece.

Results of trades will be announced at January 12, 2016. It is known that workers of Piraeus bitterly opposed changing  the form of ownership of the Port;  December 21, they did  not come to work and held a mass strike with calls to cancel the sale.

Cosco is already a Manager of two of the three container berths of the port according to the concession agreement for 35 years for $ 5 billion since 2009. During this time, Piraeus, which was going through a deep crisis, has become one of Europe’s leading transshipment hubs.

The  sale of controlling stake in the port of Piraeus will help Greece  to receive about $ 200 million. Its cost at Stock Exchange of Athens is about $ 390 million.

Source: www.wsj.com

Other articles

  • Airbnb will try to get an estimate of $ 35 billion for an IPO
    News

    Airbnb will try to get an estimate of $ 35 billion for an IPO

    According to Bloomberg, citing documents submitted to the Securities and Exchange Commission (SEC), the short-term rental service Airbnb plans to raise $ 2.6 billion in listing in the US and receive an estimate of $ 35 billion. If the company manages to raise $ 2.6 billion, Airbnb’s placement will be the fourth largest IPO in […]

  • Pfizer and BioNTech have applied for registration of the COVID-19 vaccine in Europe
    News

    Pfizer and BioNTech have applied for registration of the COVID-19 vaccine in Europe

    The American company Pfizer and the German BioNTech have applied to the European Medicines Agency for registration of their coronavirus vaccine. The announcement was published on the BioNTech website. “On Monday, November 30, Pfizer and BioNTech filed a formal application with the European Medicines Agency for a conditional authorization to use their COVID-19 candidate vaccine […]

  • The Verkhovna Rada has taken a step towards the legalization of cryptocurrencies
    News

    The Verkhovna Rada has taken a step towards the legalization of cryptocurrencies

    The Verkhovna Rada of Ukraine adopted in the first reading the draft law №3637 on virtual assets. LIGA.net reports, 230 people’s deputies voted for this document. According to the explanatory note, the market for virtual assets in Ukraine has been already formed and has existed for about five years, but it is completely outside the […]

  • Salesforce announced the purchase of Slack messenger for $ 27.7 billion
    News

    Salesforce announced the purchase of Slack messenger for $ 27.7 billion

    Salesforce is one of the world’s largest players in the cloud computing sector. They will buy Slack Technologies, the owner of Slack’s corporate messenger. The Wall Street Journal reports, Messenger will cost Salesforce $ 27.7 billion, which will be the largest acquisition of the company in its history. The terms of the deal include that […]

  • An analogue of a Turkish drone is expected in Ukroboronprom
    News

    An analogue of a Turkish drone is expected in Ukroboronprom

    The Ukrainian Sokil-300 drone is an analogue of the Turkish Bayraktar and it may join the army next year. The head of Ukroboronprom Igor Fomenko announced it in an interview with RBC-Ukraine. “This is an analogue of the same Turkish Bayraktar. With funding it may already be adopted in a year,” he said. Fomenko says […]

  • The value of bitcoin has approached $ 20 thousand
    News

    The value of bitcoin has approached $ 20 thousand

    Last week, the value of cryptocurrency fell sharply, but now it is approaching a historic high again. According to Coin Desk, after a sharp drop last week, the value of bitcoin broke the record and reached $ 19,686. Thus, the cryptocurrency exceeded the value recorded on December 16, 2017 by $ 20,665. But the absolute […]

  • Poroshenko’s former plant has paid off 300 million in debt
    News

    Poroshenko’s former plant has paid off 300 million in debt

    The Kyiv shipyard Kuznya na Rybalskomu (Ukrainian: “Кузня на Рибальському”) has returned to the state budget more than 300 million UAH, which the Ministry of Finance had previously paid on the company’s debts. It is noted that in 2017 the government provided state guarantees for a plant loan from Ukreximbank. The credit line allowed to […]

  • The tenth distillery was sold at auction in Ukraine
    News

    The tenth distillery was sold at auction in Ukraine

    The State Property Fund sold the Khorostkiv distillery at auction for UAH 55 million. This was reported on the auction page. This is the tenth enterprise in the industry to be privatized. Its initial cost was 31.4 million UAH. It is noted that four buyers participated in the auction for the sale of the Khorostkiv […]

Read also

Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

The US court has lifted the ban on TikTok

Court of the United States in late Sunday night temporarily blocked ban by the administration of President Donald Trump on downloading the TikTok program. This was reported by Reuters on Monday, September 28. Considered, that that the ban was to take effect on Sunday at 23:59 local time (Monday at 6:59 Kyiv time). However, the […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Ukrainian banks for three months closed 250 branches

In July-September 2020, Ukrainian banks closed 251of the structural subdivisions, reducing the regional network to 7329 branches by October 1. This is stated in the data of the National Bank. Most branches in the third quarter were closed by the state Oschadbank – 166, reducing its total number to 1931. During the same period, the […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

The National Bank revoked the license of the Premium bank

National Bank of Ukraine adopted a decision to revoke the banking license and liquidate the PJSC CB “Premium” for  violation of banking legislation in the sphere of financial monitoring. This is stated in the resolution of the National Bank № 68 / BT, dated February 10, 2016, said the press service of the regulator. “The […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Delta Air Lines intends to lay off about two thousand pilots

During the pandemic, Delta lost three-quarters of its revenue over the same period last year. The company can avoid layoffs if management and the trade unions will be able to conclude an agreement to cut costs, and the White House will continue to provide subsidies to airlines. Currently, the airline employs 11,200 pilots. Back in […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Tokyo Stock Exchange interrupted work due to the technical problems

Technical failure occurred on the Tokyo Stock Exchange, due to which the trading was suspended. This is stated in the statement by Japan Exchange Group, which owns the exchange. “Trading of all shares on the Tokyo Stock Exchange has been suspended due to the failures related to the delivery of the market information, ” – […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Intel’s net profit for 9 months increased by 6.3%

Net profit of the American company Intel, one of the world’s largest manufacturers of computer components, in the first nine months of 2020, which ended on September 26, rose from 6.3% to $ 15.042 billion, according to the company press release. Adjusted earnings per share for the reporting period were $ 3.52 against $ 3.14 […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

The NBU named the reasons for the fall in GDP in the second quarter

Before the fall of the economy in the second quarter of 11.4% led to strict quarantine restrictions and declining demand, as well as reduced investment. This is stated in the report of the National Bank. “The main factor in the deepening decline in GDP was expected to be a reduction in domestic demand. It is […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Salesforce announced the purchase of Slack messenger for $ 27.7 billion

Salesforce is one of the world’s largest players in the cloud computing sector. They will buy Slack Technologies, the owner of Slack’s corporate messenger. The Wall Street Journal reports, Messenger will cost Salesforce $ 27.7 billion, which will be the largest acquisition of the company in its history. The terms of the deal include that […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

The Alphabet will invest $ 380 million to Bebor Technologies startup

The parent company of the Google – Alphabet announced that the company will invest to Bebor Technologies $ 380 million, –  reports The Wall Street Journal. According to the deal, the Alphabet company will receive shares in the Bebor Technologies for $ 148 million. Dine Green, one of the head of Alphabet company expressed positive […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

BioNTech and Pfizer report successful third phase of coronavirus vaccine clinical trials

BioNTech from Mainz and US pharmaceutical giant Pfizer have announced the successful third phase of clinical trials of the vaccine from COVID. The company said in a statement that registration is expected in November. According to the release, the third phase of clinical trials of BNT162b2 showed its effectiveness by more than 90% among trial […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Boeing is facing an investigation of FAA production problems 787 Dreamliner

Stocks Boeing, which fell by 47.5% since the beginning of the year fell by 1.6% before the opening of trading on Tuesday amid news of a new FAA investigation. The US airline is going through the most difficult period in its history, continuing to expect recertification of the most profitable passenger`s aircraft Boeing 737 Max, […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Telegram was obliged to pay $ 625 000 to the startup due to a conflict over the Gram trademark

The Northern District Court of California ordered Telegram to pay almost $ 625 000 in legal costs to the startup Lantah LLC. The company has a dispute with this startup over the Gram brand. In May 2018, Telegram filed a lawsuit against Lantah, accusing it of violating the rights to the Gram trademark. In June, […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Amazon is releasing updated Echo Frames smart glasses with Alexa

On Thursday, Amazon announced the release of its updated smart glasses Echo Frames starting on December 10. Now everyone will be able to buy it. The new product from Amazon for $ 250 will go on sale just before the holiday weeks, which is a good time to start the release. Analysts and market experts […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

The State Food and Grain Corporation of Ukraine (SFGCU) adjudged $ 6,920,000 from Sonders Trading K / S Co., Limited

The court ordered the Sonders Trading K / S Co., Limited, Hong Kong company $ 6,92 million in favor of “State Food and Grain Corporation of Ukraine” (SFGCU), JSC. This is stated in the decision of the Commercial Court of Kyiv on January, 18. On November  1, 2013 SFGCU signed an agreement with the Neslot […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Agrotrade extended the cooperation with the EBRD

The “Agrotrade” Company Group renegotiated long-term agreements with the European Bank for Reconstruction and Development (EBRD) for the next 5 years, – said the press service of the company. According to the report, it will be key to the success of the Group companies, to improve the investment climate in the region, economic development and […]

Next
Cosco Pasific is the only contender  to purchase the Piraeus Port in Greece
News

Experts predict a low oil price in September

The price of oil in September will remain low, perhaps even a slight decrease from current levels below $ 40 per barrel. In October, the downward trend is likely to be interrupted and a gradual growth will begin, which will accelerate in November and December, according to TASS experts. “There will be no serious drop […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com