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New bids submitted for Thessaloniki port

After rejecting offers for a 67% stake in the port in a previous round of bidding, Greece’s privatisation agency received new submissions from the same three bidders.

Two weeks after shooting down the first round of submissions, Greece's privatisation agency received new bids from three groups looking to acquire a 67 percent stake in the Thessaloniki Port Authority.

The bidders – Manila-based International Container Terminal Services; Peninsular and Oriental Steam, owned by Dubai-based DP World; and a consortium of Deutsche Invest Equity Partners, Cyprus-based Belterra Investments and CMA CGM subsidiary Terminal Link – were the same as in the previous round. The bids will be unsealed Monday, but terms will not be made public, according to a spokeswoman for the Hellenic Republic Asset Development Fund, the agency managing Greece’s privatisation programme.

The government has been looking to privatise the port since 2014, when it first called for bids to manage and operate the facility until 2051. The process has hit several bumps, beginning with the January 2015 victory of the leftist Syriza party, which opposed asset sales. Then bids received this March were rejected, with the HRADF asking bidders to submit improved offers.

Along with operating the facility, the selected firm will be required to invest at least €180 million in improvements over the first seven years of the agreement.

To comply with the terms of its latest bailout deal with the EU and the IMF, Greece has been looking to privatise infrastructure assets. Earlier this month, HRADF finalised a €1.23 billion deal with Fraport Greece, a joint venture of Frankfurt-based Fraport and Athens-based Copelouzos, to lease and operate 14 regional airports over a 40-year concession.