Following news that Greece was looking to sell a 67% majority stake in its largest port, the country has signed an agreement, which marks the official sale of the Port of Piraeus to China Cosco Shipping for more than US$418 million, according to reports.
Cosco recently made its binding offer to buy the stake, while announcing that it intends to transform the port into a logistics hub for exports heading to Europe from China.
In Reuters, Xu Lirong, Chairman for China Cosco, said: “China COSCO Shipping … will continue to be committed to Greek growth in the long-term.”
This followed recent PTI news that Maersk and APM Terminals had dropped its offer, putting Cosco in the prime position of sole purchaser of the port stake.
As well as placing an offer for Greece’s largest port, Cosco has also expressed an interest in TRAINOSE, the country’s rail network.
The move was reportedly being planned to improve infrastructure connections so that Piraeus could develop for future success and strengthen rail connections.