The rally of the last four months in the Athens stock exchange is “fueling” scenarios for new deals amid improved valuations across the board.
HFSF
The Hellenic Financial Stability Fund (HFSF) is the main “protagonist” in a series of pending deals, given that by 2025 it should have zeroed out its participation in Greek banks. Thus, after the successful placements in Eurobank, Alpha Bank and National Bank, it is the turn of Piraeus Bank at the beginning of March.
The HFSF owns 27% of the bank’s shares. So far, no final decision has been taken on the exact percentage to be sold, while the price of the placement remains under negotiation, as well as the distribution percentages between Greek and foreign investors. In any case, final decisions will be made within the next few days.
Another issue is the remaining 18.39% in National Bank and 72.54% in Attica Bank, which will be made available to the public in a later period.
A sure bet
The listing of Lamda Malls to the Athens Stock Exchange is underway, with the parent Lamda Development seeking to create additional value for the subsidiary, which manages the largest shopping centers in the country. The same applies for Viohalco Group’s real estate subsidiary, with Noval Properties awaiting its turn for the Initial Public Offering.
The transition of Performance Technologies from the alternative market to the main market is also expected to take place in 2024, and it will proceed without a share capital increase. Real Consulting is also on track to move to the main market.
Possible moves
In addition to the “sure bets”, there are a number of potential business deals, which will stimulate even more interest in the Greek market. One of these is the possible listing of Intracom Properties and CD Media to the stock exchange.
The improvement in valuations in Helleniq Energy, ELVALHALCOR and Cenergy has triggered scenarios for a new sale of shares by major shareholders.
The share of Terna Energy is also on the spotlight amid scenarios of flirting with other companies for its sale.
It is estimated that Ellaktor is in a similar situation regarding the fate of its subsidiary Helector. Despite Motor Oil’s denial of a bid, its management said it is still considering all available options to capitalize on its assets.
The clear “no”
On the other hand, there are also listed companies, which have put an end to takeover or merger scenarios. For example, the management of PPC ruled out the purchase of Nova, while Ideal has also closed the door to a possible deal for the acquisition of Motodynamics – ELTON. Domiki Kritis followed suit regarding BIOTER takeover scenarios.
The capitalizations of the companies involved in the pending deals of the Stock Exchange are:
National Bank – 6.6 billion euros
Piraeus Bank – 4.9 billion euros
Motor Oil – 3.0 billion euros
Helleniq Energy – 2.5 billion euros
Terna Energy – 1.9 billion euros
Viohalco – 1.5 billion euros
Cenergy – 1.3 billion euros
Lamda – 1.2 billion euros
Ellaktor – 940 million euros
ELVALHALCOR – 825 million euros
Attica Bank – 557 million euos
Intracom 3- 41 million euros
Performance – 73 million euros
Real Consulting – 71 million euros
Kloukina – Lappa – 70 million euros
Intertech – 11.4 million euros
