The Hellenic Capital Market Commission on Tuesday reportedly decided a prospective top bidder in the privatization of Hellenic Petroleum (Hel.Pe) – which entails the transfer of 50.1 percent of the refinery group’s share capital – is not obligated to subsequently make a public offer.
The development, according to information gathered by “N”, means that the continued privatization process will proceed as planned.
According to reports, members of the cap market commission’s board acted on advise by the watchdog’s legal department and outside consultants.
Greece’s privatization agency has pre-selected British-Swiss multinational Glencore Energy and Switzerland-based Vitol Holding for the sale of the 50.1-stake in Hel.Pe, one of the biggest petro-chemical concerns in SE Europe. The majority stake on the selling block belongs to the Greek state, Paneuropean Oil and Industrial Holdings.
Paneuropean Oil currently 45,5% of Hel.Pe’s shares, with the state holding 35.5 percent. Both sides want to retain 15 percent each in Hel.Pe’s share capital after its privatization.
If successful, the privatization would be among the biggest ever in Greece, in line with the Piraeus Port Authority and the long-term concession for 14 regional airports around Greece.
