K.M., the third term and the pen-and-paper of the Thessaloniki Fair, Dodoni went to Olympus, the Empirikos-Karnesis derby, Dogus in Mykonos

• Greetings. Since Mitsotakis was here for quite a while due to his interview with protothema.gr (Evgenidis), I’ll take the chance to share the mood and some insider info. First off, K.M. was in quite high spirits, not just because he spent his Easter holidays in Tinos—ate well, took walks, went swimming, biking, etc., just like the rest of us did—but for one main reason: all that pressure from the Tempi tragedy seems to be fading from the spotlight in recent weeks, especially as the talk of “wood alcohol,” cover-ups, fill-ins, and the like, is slowly but surely collapsing. Mitsotakis himself asked a journalist how the interview went, and the journalist joked, “Much better than the one about Tempi,” to which he disarmingly replied, “Well, let’s leave that one…” Truth is, a lot of positive developments have occurred since then—especially the recent measures which, along with the smaller ones, create the impression that the government is regaining momentum.

Tax breaks at the Thessaloniki Fair

• Now, some of the more interesting takeaways from the interview include: First, K.M. essentially hinted at tax rate cuts for the new year (to be announced at the Thessaloniki Fair), and I’ll add here that something is also in the works for the tax imputation system for freelancers—not a complete abolishment, but a rationalization.

Pen-and-paper (Pierr–Petralias)

• Of course, for all this to materialize by September and to take effect in 2026, apart from a good economic run, planning is key. A source told me that on Easter Sunday—right before the Prime Minister’s latest interview—Pierrakakis and Petralias pulled an all-nighter preparing not just the announcements Mitsotakis would make, but also the roadmap for what’s coming at the Thessaloniki Fair. “If you don’t know the fiscal leeway right now, you can’t commit to anything—not even for this year—so there’s a direct link between what the PM said the day before yesterday and what we’ll announce at the Fair for 2026,” the source said.

Nicknames, third term, absolute majority

• Second and perhaps juicier: his labels for his political rivals. He called Zoe a “female Varoufakis,” and poor Nikos a “sidekick to Zoe.” At first, he called him “Zoe’s tail,” but then softened it to something more polite—it didn’t quite suit him. The M.M. experts also noted something I had taken for granted: that Mitsotakis will go for a third term. “This is the first time he’s been so clear that he’ll lead ND into a third four-year term,” one M.M. source said, and clearly, they’re more observant—because they care more. Also interesting is what happens if there’s no majority, since polling numbers no longer show the government quite at the 35% needed to govern alone. “At least we’re the only party that can still talk about a majority,” K.M. said, reiterating he won’t change the electoral law. So here’s what I think: if Androulakis gets around 13%-14%, Zoe a bit more, and Mitsotakis somewhere between 28%-31%, who’s going to tell him “you can’t govern”? Nikos A. certainly won’t. Either he joins the government or steps aside and lets the other PASOK-ers in—because tossing out a leader who’s won national elections for a third time, with an 8-10 point lead over the runner-up, seems… well, a bit off, as they used to say. You’ll tell me this is all way ahead—but hey, conversation’s conversation.

Pierr at the White House

• Meanwhile, yesterday Pierrakakis, who was attending the IMF meetings in Washington, met with Michael Kratsios—the highest-ranking Greek-American in the Trump administration, head of the Office of Science and Technology Policy. They go way back—in Trump’s first term, they were counterparts in digital policy and handled the issue of non-Western companies investing in 5G networks. They discussed American investments in Greece, especially in high tech.

With a €110 million price tag (plus €95 million in loans), Dodoni goes to Olympus

• Let’s start the business news with good tidings from Dodoni. As we said on Monday, the binding offer from Hellenic Dairies (Olympus) was submitted before Easter, CVC accepted it, and the deal is expected to be announced by Friday. The Sarantis brothers of Olympus are buying Dodoni for €110 million and taking on the company’s €95 million in debt. With the €205 million deal, Hellenic Dairies strengthens its position in the cheese market and boosts the group’s turnover, which stands around €650 million. As we said, the announcements will come this week—and the only curious bit is why the Sarantis brothers kept denying it so firmly, even though the whole market knew they were doing due diligence on Dodoni.

A lawyer’s delight

• Yesterday the column covered the chill between National Bank and Piraeus Bank over National Insurance. Returning to that, here’s one detail that shows how complicated and unique this deal is: the Information Technology (IT) department of National Insurance—the unit dealing with computing, data storage, and processing—is part of National Bank.

Dogus returns (with a new role) to Mykonos

• Dogus, from neighboring Turkey, may have exited tourism real estate in Greece—notably divesting from Astir Palace in Vouliagmeni, now in the hands of shipowner G. Prokopiou—but it seems they’re still drawn to Greece’s top tourist retail spots. Hence, the establishment of Dogus Perakente Mykonos S.A., apparently focused on the trade, import, and retail or wholesale of clothing (mainly luxury), footwear, accessories, etc. Dogus Perakente currently runs around 90 stores across Turkey with nearly 20 major international brands, as listed on their website, aiming for partnerships with top global labels.

The new “derby” in Petalioi

• I smell a new “derby” brewing in the company “Ktima Petalioi”, which, as is well known, manages the namesake island complex in the Euboean Gulf and in recent years has become the battlefield for a feud between the Empeirikos and Karnesis families. I’ve learned, then, that the Board of Directors of “Ktima Petalioi”, which is fully controlled by the Karnesis family, decided on February 14 to convene an Extraordinary General Meeting of shareholders for Thursday, May 15, 2025, at a hotel on Michalakopoulou Street. The agenda includes a single item: a capital increase of the company by €1,600,039, through the issuance of 27,078 new common registered shares, each with a nominal value of €59.09, to be paid in cash, giving pre-emptive rights to existing shareholders for the entire increased capital—within the framework of measures under article 119, paragraph 4 of Law 4548/2018. That provision states that “if a company’s total equity falls below half of its capital, the board must convene a general meeting within six months from the end of the fiscal year, to decide on dissolving the company or taking other measures.” Let me remind you that the last capital increase took place in June 2006 via capitalization of the revalued property surplus by €657,159.54, plus a cash injection of €200,000. Thus, the current share capital stands at €2,777,111.82, divided into 46,998 registered shares each worth €59.09, and following the upcoming increase, it will reach €4,377,150.82. The crux of the matter, however, is the “naval battle” between Mari Empeirikou and the Karnesis clan, centered on the former’s shareholder rights, which he believes are being disputed by the other side. That’s why Empeirikos has filed a series of lawsuits, the latest one this past November, against the company, seeking to annul the decision taken at the Regular General Meeting on September 9, 2024. So now the question is whether, and with what percentage, he will participate in the upcoming Extraordinary General Meeting—and in the capital increase itself, which, in any case, will shift the shareholder balance. Messy business…

The Mytilineos deal with the Americans in Chile

• The $815 million deal in Chile showcases the effectiveness of Mytilineos’ (Metlen) Asset Rotation Plan and its ability to deliver complex hybrid projects worldwide. The transaction includes a portfolio of operating photovoltaic projects totaling 588 MW, combined with energy storage facilities with a total capacity of 1,610 MWh. What’s particularly interesting is the buyer: Glenfarne Asset Company, a subsidiary of investment firm Glenfarne Group, based in New York and Houston, specializing in energy and infrastructure project development and management. Specifically, Glenfarne Group, founded by Brendan Duval—a long-time executive of the well-known Macquarie Group—operates in energy infrastructure through EnfraGen, in LNG via Glenfarne Energy Transition, and supports the Energy Transition with projects in solar and hydroelectric power. To date, the group has raised over $4 billion and completed 15 mergers and acquisitions in the same period.

Trump’s kolotoumba turned a profit

• In hindsight, it seems those who had the nerve to ignore the chaos caused by Trump’s tariffs and bet on a kolotoumba (flip-flop) by the American President are now reaping significant profits. The Greek stock market dropped from 1,700 points to 1,455 after the tariff announcement but recovered as the situation calmed, now flirting with a 15-year high of 1,750 points. This buying comeback was accompanied by new records for heavyweights on the board. Metlen, for the first time, broke the €44 barrier, with investors giving a vote of confidence just hours before the Q1 earnings release. Coca-Cola HBC also hit a historic high, slowing down a bit but staying on an upward track for the 8th straight day, reaching €44.64. OTE broke through the €16 resistance level for the first time since October 2024. If this upward momentum continues, it could return to levels not seen since August 2022. Profile Software also entered the game, closing at €5.45 for the first time ever, despite hitting €5.55 intraday back in January. April opened with the General Index at 1,685 points. Today’s session starts at 1,704, and if this cautiously optimistic trend continues—despite global market turbulence—April could mark the 6th consecutive rising month for our market. Yesterday’s 1.93% rise came with €171.03 million in turnover, the highest of the past six sessions. Upgraded systemic banks had a field day: Piraeus (+3.27%), National (+4.52%), Eurobank (+1.59%), and Alpha Bank (+1.19%).

ADMIE’s moment

• Next Monday, ADMIE’s management will brief the investment community on its 2024 results, which are expected to be “significantly higher than the previous fiscal year.” Last year, ADMIE posted operating profits of €277 million (net after-tax profits of €116.5 million), while by Q3, EBITDA had already surpassed €260 million with net profits at €120 million. From Monday’s presentation, it’s clear there will be an effort to showcase the full scope of ADMIE’s projects and interventions. Public attention—understandably—has focused on the Greece–Cyprus–Israel cable, but several other profitable projects are in progress, like the one in the Dodecanese and another in Northwestern Greece… ADMIE’s market cap is nearing €650 million, and the stock price at €2.80 per share is still short of its recent 10-day highs.

The game gets tougher for Thessaloniki Port

• For the 8th consecutive session, Thessaloniki Port Authority’s stock (OLTH) has posted significant gains (yesterday +5.43% to €33). The stock price is now €6 above the public offer submitted earlier this year by the Dreyfus family—controllers of global agri-giant Louis Dreyfus—for 21% of the company’s shares. This sharp rise in capitalization to €327.6 million, for a stock with low liquidity and limited free float, points to coming developments. Maybe some of the questions will be answered on May 14, 2025, at 2:00 p.m., when the General Assembly will take place at the company’s headquarters on Pier 1—held remotely in real time via teleconference, without shareholders physically present.

Share packages fly at Piraeus Port

• A block of 76,800 shares of Piraeus Port Authority changed hands early yesterday at €39.70—an all-time high for the stock. By now, it’s widely known that there’s a persistent “unknown” buyer of the port authority’s shares—possibly a fund specializing in port investments, seemingly unbothered by market fluctuations. After wrapping up its work yesterday, the “unknown” investor saw the stock slip slightly to €39.50 (-0.25%) with total trading volume of 82,474 shares. Anyone thinking all this stock movement around the country’s major ports is random and uncoordinated… clearly doesn’t know how the game is played.

Austriacard bets on fintech

• Austriacard’s management promised “geographic and product expansion,” which could come either through operations or by acquiring other companies. They hinted that €90 million has been earmarked to realize these plans. Right on cue, Piraeus Securities released a report yesterday with a target price 42% higher, at €8.15, citing Austriacard’s secured Recovery Fund contracts and healthy free cash flow generation in coming years. For 2025, revenue is projected at €415.9 million (up from €385.3 million in 2024), with earnings per share at €0.618 (from €0.52). This pushed the stock to €5.95 (+0.85%), bringing the company’s market cap to €216.3 million.

JP Morgan’s closed-door meeting

• The stock market is a game for grown-ups. The American markets are a game for very grown-up kids. On Easter Monday, while Europe was still on holiday, Wall Street was on edge over Trump’s tariff flip-flops and his head-on clash with the Fed chief. At noon (Eastern Time), Treasury Secretary Scott Bessent joined a closed investor meeting organized by JP Morgan. There, he revealed—within this exclusive circle—that a “de-escalation of tensions with China” was coming, since the “current situation is unsustainable.” It was a top-level, closed-door meeting—no public, no media. A few hours later, at 5:18 p.m. ET, President Trump stated that tariffs on China “won’t be as high as 145%,” implying upcoming relief. In the hours between those two statements, S&P 500 futures soared +5%, adding $2.2 trillion to total market cap. No public statement was made during those five hours. Just privileged information to a few top fund managers inside that JP Morgan room. The subsequent rally in U.S. markets simply confirmed what the futures had already foretold—and eventually, the “information” came to light. Over the next two days, the S&P 500 rose +5%. The dollar exchange rate didn’t budge. There were no foreign capital inflows. The dollar index, $DXY, rose just +0.2%.