acquisition of the DEPA group either with, or with-
out ownership separation (unbundling) of the two
entities (DEPA-DESFA). More specifically, if
DEPA and DESFA are sold together (bundled),
100% of the DEPA group will be sold, but the
state will retain a 34% stake in DEPA’s subsidiary,
i.e. DESFA.
In case the entities are sold unbundled, 100% of
the DEPA group will be sold excluding DESFA, or
including 66% of DESFA, albeit with the state
retaining a 34% stake in the operator.
The Hellenic Republic Asset Development Fund
(HRADF) has launched the second and final
stage of the privatization auction. At the same
time, it allows joint ventures –even those that did
The five “suitors” have already submitted their
non-binding bids, as part of the first stage of the
auction. Reportedly, Gazprom offered
€
900 mil-
lion for DEPA, while Negusneft, a Sintez group
company, offers
€
1.8 billion for both DEPA and
DESFA (the Hellenic Gas Transmission System
Operator). The next bidders were “Μ&Μ GasCo”,
a joint venture of the Vardinoyannis and
Mytilineos Groups, with an offer of
€
540 million for
DEPA; Socar (the state gas utility of Azerbaijan),
which offered
€
460 million for DESFA; and a con-
sortium between the Czech Republic’s PPF fund
and Greece’s GEK TERNA, which offered
€
400
million for DESFA.
It should be noted that the tender concerns the
Trade with Greece
87
The RAE’s next step in 2013 will be to finalize the
regime for auctioning the power generated by PPC’s
lignite and hydro plants
”
“
