Hellenic Petroleum (ELPE) sources declined to clarify whether there has been a first option in the process of the company’s full privatisation.
The Greek government intends to sell its participation in ELPE in the first quarter of 2011, which corresponds to a 35.477% stake. Based on yesterday’s closing prices, state’s participation is valued for €711.3m (108.4 million shares). Paneuropean, owned by Latsis Group, holds 125.3 million shares worth €821.7m, or 40.98%.
Same sources, however, reveal that a rather interesting aspect of the process. Asked by Capital.gr they note that the 2003 agreement includes a condition of first option in a case of further sale of state’s participation.
Under this condition, Latsis Group is now called to decide whether it is willing to increase its stake to 76.457%, after it had increase its participation from 36.014% to 40.98% last December.
Latsis Group is expected to play an important role also in the privatisation of gas company DEPA, as ELPE holds a stake of 35% of the company.
In any case, Latsis Group will be a catalyst in two of the three top energy privatisations, while market sources speak of a possibility of a package deal.
CAPITAL
