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Greece is expected to make a final bid next month for a majority stake in PetroGreece, its largest refiner, following a key regulatory decision
on the process, Reuters reported on October 18 Athens.
The country's privatization agency has listed British-Swiss Glencore Energy and Swiss Vito Holding as potential buyers
of a 50.
1% stake in Hellenic Oil (jointly sold by Hellenic and Europa Holdings).
The sale was part of a privatization plan, and Athens and its lender reached an agreement
in the last bailout of the state, which ended in August.
The country plans to raise 2 billion euros ($2.
3 billion) from asset sales this year and another 3 billion euros
next year.
According to Refinitiv Eikon, Euronext holds a 45.
5% stake in Hellenic oil and the Greek government holds a 35.
5% stake in Hellenic oil, which currently has a market value of 2.
1 billion euros.
Greece and Europec each want to hold about 15 percent of Helleni's shares
after the sale.
Under Greek law, investors who acquire more than one-third of a company's shares are required to bid for the remaining shares, unless the company is privatized, as is the case with
Greek oil.
But the official said the securities regulator's legal adviser argued that a mandatory offer
was needed because the shares were sold jointly by state and private investors.
Greece is expected to make a final bid next month for a majority stake in PetroGreece, its largest refiner, following a key regulatory decision
on the process, Reuters reported on October 18 Athens.
The country's privatization agency has listed British-Swiss Glencore Energy and Swiss Vito Holding as potential buyers
of a 50.
1% stake in Hellenic Oil (jointly sold by Hellenic and Europa Holdings).
The sale was part of a privatization plan, and Athens and its lender reached an agreement
in the last bailout of the state, which ended in August.
The country plans to raise 2 billion euros ($2.
3 billion) from asset sales this year and another 3 billion euros
next year.
According to Refinitiv Eikon, Euronext holds a 45.
5% stake in Hellenic oil and the Greek government holds a 35.
5% stake in Hellenic oil, which currently has a market value of 2.
1 billion euros.
Greece and Europec each want to hold about 15 percent of Helleni's shares
after the sale.
Under Greek law, investors who acquire more than one-third of a company's shares are required to bid for the remaining shares, unless the company is privatized, as is the case with
Greek oil.
But the official said the securities regulator's legal adviser argued that a mandatory offer
was needed because the shares were sold jointly by state and private investors.
