The Hellenic Republic Asset Development Fund (HRADF) announced late Wednesday it decided to sell a 67% stake in the Piraeus Port Authority (OLP) to China’s Cosco Group for EUR 368.5m ($403m).
The improved bid corresponds to a price of EUR22 per share, HRADF said, and represents a 34% better offer than Cosco’s original bid, which was reported at $300m.
“HRADF’s Board of Directors accepted the improved offer tabled by Cosco Group (Hong Kong) Limited,” the agency said in an announcement.
