Greece Wants More from Desfa Bidders

Greek privatisation agency Hradf asked both the shortlisted consortia bidding for a 66% stake in national gas transmission operator Desfa to improve their bids, when they were opened last week.

The agency had announced the two shortlisted consortia on February 16.  Following the March 29 bid opening, Hradf issued a statement saying that in line with the bidding process it had "requested the submission of improved financial offers, which will to be assessed at a subsequent meeting of the board" of Hradf.

Greece's environment and energy minister Giorgos Stathakis remarked March 29: "The first round of bidding for 66% of Desfa has been completed. The price offered exceeds €400mn, which occurred during the previous tender. Bids submitted ranged between the limits set by the two independent evaluators. A second round of improved bids will begin and will be completed within a few weeks."

The 66% stake in Greece's Desfa being offered is 31%-owned by Hradf (also known by its Greek acronym Taiped) and 35% by Greek refiner Hellenic Petroleum, which allowed Hradf to organise the sale process. 

The other 34% Desfa stake will retained by the Greek state.