In accordance with the agreement between the Greek Government and country’s creditors, the privatization process of Hellenic Petroleum (ELPE) and Public Gas Corporation (DEPA) should start in March, while the process for the sale of 17 % stake in Public Power Corporation (PPC) should start in June, and all the privatizations are expected to be completed by the end of the year.
Regarding ELPE privatization, the main objective is state-held 35 % stake in the company. However, the agreement also foresees the option of the state selling a smaller stake in the company, while the Latsis Group will also sale a part of its stake in ELPE. This would mean that state privatization fund TAIPED puts a total share package of 51 % in ELPE up for sale, providing any investor with control of the company’s management as well.
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Tags: ELPE, Greece, Hellenic Petroleum, oil, privatization