Greece, Paneuropean in talks to jointly divest stake in Hellenic Petroleum

Greece and Paneuropean Oil and Industrial Holdings are in talks to divest a combined majority stake in Greece’s biggest oil refiner Hellenic Petroleum, Hellenic said.

Under its latest 86 billion euro ($107 billion) bailout, Athens agreed to launch a series of privatizations this year, including divesting the state’s 35.5 percent stake in Hellenic or selling a smaller stake if its lenders agreed.

Now, however, Athens is looking at selling all or part of its stake together with part of Paneuropean Oil and Industrial Holdings’ stake for a combined 51 percent stake.

“Their discussions have not yet concluded, such conclusion is expected in the near future,” Hellenic said.

Paneuropean Oil is Hellenic’s biggest shareholder with a 45.5 percent stake.

Greece and Paneuropean informed Hellenic that they are in negotiations for the potential sale of a majority participation in Hellenic, Hellenic said in a bourse filing on Tuesday. [Reuters]