The Piraeus Port Authorities (OLP) has passed over to Chinese company COSCO, after it officially took control of the 51% stakes, Wednesday. COSCO will pay 280,500,000 Euros tar the takeover of OLP, while it plans to pay an additional 88mn Euros to acquire a further 16% of the shares after it completes investments in the port provided in the agreement with the Greek state. The Chinese giant plans to invest a total of 600mn Euros in the Piraeus port with focus on cargo handling, cruises, tourist infrastructure, ship repairing and the Car terminal. On occasion of the deal, the managements of COSCO, OLP and the Privatisation Fund (TAIPED) will open the ATHEX session on Wednesday. The Chinese company plans to make changes in the management of OLP, with 8 seats on the directors’ board being occupied by its representatives. The CEO of OLP is expected to be 48-year-old Chinese Wan Min. The 16% of shares will be transferred over a 5-year period.