OLTH bids are expected at around 190-220 mln

This Friday is the deadline for bids for a majority package in Thessaloniki Port Authority (OLTH), but it appears that if the offers of the two suitors are too close to one another there may be an extension up to May 10.

The market is anticipating offers that will range between 190 and 200 million euros for the 67 percent stake in the country’s second port. This price contains a premium between 30 and 50 percent, which is normal for sales where the preferred bidder will assume control of the asset on sale.

This is similar to the 50 percent premium Cosco paid for the acquisition of a 51 percent stake (plus 17 percent) for Piraeus Port Authority.

All signs point to the new owner settling in at OLTH during the second half of the year. At least the authority, along with privatization fund TAIPED, recently settled a significant issue signing a new collective labor contract.