Abu Dhabi, UAEFriday 28 February 2020

DP World Greek port bid expected on Friday

The Dubai-based ports operator is among four international bidders expected to make an offer for a controlling stake in the Greek facility

The port of the northern city of Thessaloniki, Greece. Dubai's DP World is expected to be among four foreign bidders to make an offer for a controlling stake in the facility. Alexandros Avramidis / Reuters
The port of the northern city of Thessaloniki, Greece. Dubai's DP World is expected to be among four foreign bidders to make an offer for a controlling stake in the facility. Alexandros Avramidis / Reuters

Dubai’s DP World is among four foreign investors who are expected to bid for a majority stake in Greece’s Thessaloniki Port, on Friday, the offer deadline, the port’s top executive said on Wednesday.

The UAE operator joins Phillipines-based International Container Terminal Services, Japan’s Mitsui and the German private equity Deutsche Invest Equity Partners in having completed due diligence, the Greek port chairman Konstantinos Mellios told Reuters.

When contacted by The National, a DP World spokesman declined to comment specifically on the bid, saying only: “We seek opportunities around the world wherever they arise.”

The sale of a 67 per cent stake in Greece’s second-largest port, which was launched in 2014, has been beset by delays and political resistance.

“Those four are still interested as we speak, there is information that all four will submit binding bids on Friday,” Mr Mellios said, adding that Deutsche Invest had teamed up with the French container shipping company CMA CGM.

Bids will be submitted by 7pm GMT to the financial adviser Morgan Stanley and Greece’s privatisation agency will open the offers by April 7 at the latest, he said.

Thessaloniki port workers walked off the job for three hours on Wednesday to protest against the sale but Mr Mellios said it would not affect operations.

Greece’s port workers' union was expected to sign a new two-year labour contract with the port’s management on Thursday, he said, giving them time to negotiate with the winning bidder, which will also operate the port for 40 years.

Thessaloniki Port has a market value of $211 million (Dh774.9m) and had a throughput of 344,277 20-foot equivalent units last year.

* Agencies

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Updated: March 22, 2017 04:00 AM

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