Cosco Makes Binding Piraeus Port Offer

Cosco Holdings has been announced as making a binding offer of around US$758 million for a 67% majority stake in Greece’s Piraeus Port, which is anticipated to transform the port into a logistics hub for exports heading to Europe from China, according to the Wall Street Journal.

It was reported that APM Terminals (APMT) previously showed an interest in the port stake, yet it has not placed any binding offers.

It was previously reported that APMT had pulled out of the bidding process because the company had lost patience with a long process.

Tom Boyd, a Spokesman for APMT, said: “After careful review, we concluded that [Piraeus] is not an attractive business for us.”

George Xiradakis, an Athens-based consultant and an adviser of the China Development Bank, said: “It’​s ​good news because it strengthens the investment climate in Greece at a difficult time and could generate more investments in rail infrastructure and other ports.”

The final bids for the port stake were placed on December 21, 2015.