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China's State Grid offers most for stake in Greek power operator

Staff Writer |
China's State Grid International Development offered the highest bid amounting to $352 million for the acquisition of 24 percent stake in Greece's power grid operator ADMIE, Greece's public power corporation (PPC) announced.

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The Chinese company and a consortium led by Italy's TERNA had submitted binding offers last week.

According to a PPC press release, PPC's board of directors will now validate the offer on Oct 31 formally declaring China's State Grid as the Preferred Investor and in the next step PPC's shareholder's general assembly on Nov 24 will make the final decision.

At the end of the procedure which was flawless so far, as underlined in the press statement, the Greek state will control 51 percent of ADMIE.

The operator's new CEO from now on will be appointed after an agreement between the Greek state and the strategic investor.

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