Italgas said to have outbid EP for DEPA Infrastructure

Italgas outbid Czech group EP Investment Advisors in a tender for the sale of Greece’s state-controlled gas distribution network, DEPA Infrastructure, energy news site Energypress.eu reported on Friday.

Greece and its biggest oil refiner, Hellenic Petroleum, are jointly selling their respective stakes of 65% and 35% in DEPA Infrastructure.

The country’s privatization agency, TAIPED, which is managing the sale, said on Thursday it had unsealed the two binding offers submitted by Italgas and EP and that it would initiate a process to ask bidders to increase them.

It did not disclose the highest bidder or the size of the offers.

Citing unidentified sources, the report said Italgas had submitted the highest bid, which was believed to be close to 700 million euros.

Two sources close to the process said on Friday that improved offers were expected by September 8, before TAIPED’s board convenes to discuss the matter, most likely on September 9. [Reuters]