ChinaCoscobids5billionyuanforGreekportofPiraeus-PeoplesDailyOnline

Wednesday, Jan. 13, 2016SearchArchiveEnglishChineseJapaneseFrenchSpanishRussianArabicKoreaGermanPortugueseHomeOpinionsBusinessMilitaryWorldSocietyCultureTravelScienceSportsSpecial CoveragePhotoVideoEnglishChina Cosco bids 5 billion yuan for Greek port of PiraeusBy 梁军 (Peoples Daily Online)    15:56, January 13, 2016Email|Printvar jiathis_config={title:”China Cosco bids 5 billion yuan for Greek port of Piraeus”,summary:” ”,}(File Photo)Chinas largest shipper, China Cosco Holdings Co., made a binding offer on Tuesday for a majority stake of Greece’s main port of Piraeus, a move that is expected to earn cash-hungry Athens hundreds of millions of euros and turn the Mediterranean port into a logistics hub for Chinese exports to Europe, the Wall Street Journal reported on Jan. 12.China Cosco is the only bidder for the majority stake of the port. Its bid for a 67 percent stake was some 5 billion yuan or 700 million euros, including around 350 million euros in infrastructure investments over five years.The political situation in Greece has delayed the privatization process for its largest port, Piraeus. But now the deal is nearly closed.The Hellenic Republic Asset Development Fund, which handles state asset sales of Greece, didn’t disclose the value of the bid, but gave China Cosco a week to submit an improved offer for control of the nation’s largest port.China Cosco wants to develop the Piraeus port into a logistics center that will transport goods, mostly via rail, to Eastern Europe, said the companys executives and other Chinese officials.“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,” said George Xiradakis, an Athens-based marine business consultant and adviser of China Development Bank, the Wall Street Journal reports.Two other shortlisted investors—APM Terminals, owned by Danish shipping conglomerate A.P. Moller-Maersk A/S, and Philippines-based port operator International Container Terminal Services Inc. didn’t make binding bids.(For the latest China news, Please follow Peoples Daily on Twitter and Facebook)(Editor:Liang Jun,Bianji)Add your comment/* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * */var shortname=window.location.host;var disqus_shortname=;var disqus_identifier=;if (shortname==en.people.cn){disqus_shortname=enpeople;disqus_identifier = 9003286;}/* * * DONT EDIT BELOW THIS LINE * * */(function() {var dsq = document.createElement(script); dsq.type = text/javascript; dsq.async = true;dsq.src = // + disqus_shortname + .disqus.com/embed.js;(document.getElementsByTagName(head)[0] || document.getElementsByTagName(body)[0]).appendChild(dsq);})();Please enable JavaScript to view the comments powered by Disqus.We RecommendBeautiful skiers wear shorts in snow
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