China’s Cosco Group takes over a 67% stake in Greek’s largest port of Piraeus. The Greek privatisation authority accepted the “improved offer” tabled by Cosco to party privatize the port company.
Within the tender process a stake of 51 per cent in the port was agreed to Cosco, who has the option to purchase additional 16 per cent stake over five years, however the company has to invest around EUR 350 million in port development within the next decade.
Cosco has been holding two container terminals in the port of Piraeus since 2008. The port located close to Athens counts among the largest Mediterranean ports. Cosco intends to develop the port into a major transit hub for Southeast Europe, and into a gateway for exportations of Asian goods to Europe.