– Hello there, yesterday was an important day — whatever one believes, at least the civilized Western world rejoices over the pause of a brutal war that claimed innocent lives, civilians, women, and children. Now, the professional “Free Palestine” activists may find themselves out of work both abroad and here in Greece — but I’m sure our local ones will quickly find a new cause… perhaps a passionate, single-issue crusade about Tempi.
On a more serious note, while Israelis celebrate, so do Palestinians — the images from Gaza and elsewhere speak for themselves.

How Dendias Got It

Back to domestic matters — some fresh backstage news about how it was finally decided that the “care” of the Tomb of the Unknown Soldier would go to Dendias, rather than Parliament or the Ministry of Culture, since formally any of the three could have taken it.
At first, it was suggested (in the Maximos Mansion) that Parliament should take over — but then they thought MPs and some parties (especially the conspiracy-prone ones) would make Nikitas Kaklamanis’ life miserable.
Then they considered Mendoni, who’s tough as nails, but someone said, “There’ll always be an excuse that every event there is for ‘cultural reasons’ etc.”
In the end, K.M. himself said, “We’ll give it to Dendias.” He picked up the phone and told him directly. I’d add that he also “passed the buck” to him — though I doubt the minister minded much.

Delays Because of OLAF

Bad news for farmers and livestock breeders: yesterday’s OLAF raid on OPEKEPE brings delays of a few days in payments.
The fact that OLAF itself showed up at the agency says a lot about the bad mood in Brussels and the level of distrust.
On the other hand, the government needs to pay people yesterday.
The issue is now in the hands of the usual suspect, Hatzidakis, who has already briefed K.M. about the enormous difficulties — and the risk that the Commission might cut subsidies if the government doesn’t do what Brussels demands.
Still, I don’t think the ND MPs quite grasp all this — they’re ready to rumble, belts loosened…

“Charged” Meeting Between Tsiaras and ND MPs

At noon on Wednesday, Minister of Rural Development Tsiaras will face ND MPs from farming regions, demanding to know when payments to the agricultural world will begin (some are expected to start this week).
Any MP, from any constituency, can attend — though, frankly, they all hear the same complaints from their voters.
The atmosphere is anything but pleasant: MPs are under intense pressure, as farmers still have no idea when they’ll see the color of money.
Meanwhile, the government is being squeezed by the Europeans, who refuse to release funds without proper guarantees.

Ambassador Shuffle in the Diplomatic Office

A new face is joining the Prime Minister’s Diplomatic Office: Professor of International Relations Sotiris Serbos, who ran for MEP with ND last year and once served as foreign policy advisor to “Leader Nikos” before they fell out over Ukraine.
Serbos will be under Miltos Nikolaidis, the current diplomatic advisor, who, I hear, is “warming up” for the post of Greek Ambassador in Paris.
That position will soon be vacant since Antonis Alexandridis, the current ambassador, is moving to Washington, replacing Katerina Nasika, who retires at the end of the year.
If Nikolaidis indeed moves to Paris, a new diplomatic advisor will have to be found.

Restart, Thanks to Piraeus Bank

With Eurobank’s acquisition of Eurolife (excluding the general insurance branch), the column’s curiosity was solved about why the Fairfax team was seen at One & Only in late September–early October.
The deal, managed by F. Karavias and A. Sarrigeorgiou, has interesting aspects hinting at what’s to come.
Karavias had wanted it for a long time — for years, they say — but since there were ties between the insurance firm and the bank, it was tricky.
Word is that talks started moving forward right after Piraeus Bank acquired Ethniki Insurance.

Watsa Made a Cool $1 Billion

The big winner from the deal is Prem Watsa, who, with a small investment — made back in the capital control era, when no investor dared come near Greece, not even for tourism — pocketed $1 billion.
Eurolife was yielding him €50–70 million annually in dividends, and now he gets the €813 million price tag for 80% of it.
Bottom line: Fairfax clears $1 billion in profit.

Fairfax “Dresses Up” Eurobank

For Eurobank, beyond the obvious (new revenue streams, etc.), the bank now gains a structure with networks, insurance services, and presence in multiple countries — exactly what European banks are after for cross-selling strategies.
In plain English, Fairfax is dressing up Eurobank for sale.
People close to Watsa say his Eurobank bet is paying off and he’s in no rush to sell — but, as the Eurolife case shows, Watsa sells gladly when he feels the price is right.
Despite assurances of “no intention to sell,” the reality is that Eurobank with an insurance arm becomes even more attractive to a potential investor.
The right price will come along — sooner or later.

Grivalia Hotels’ Headache (€55 Million in Losses)

Karavias and Sarrigeorgiou also come out winners from the deal — the former strengthens his bank (he’s the undisputed boss in the Watsa era), and the latter, as Fairfax’s executive chairman in the general insurance sector, remains the group’s key man in Greece.
Still, not everything is rosy for Eurobank.
On Eurolife’s health and life balance sheet sits 47% of Grivalia Hospitality, which isn’t doing well.
Last year it posted €55 million in pre-tax losses, and sources — yet to be confirmed — say it’s headed for losses again this year.

The Two Fixed References in OPAP’s Mega Deal

The Allwyn–OPAP deal, aiming to create a new group with an estimated value of €16 billion — the second-largest publicly listed lottery and gaming company in the world — revolves around two fixed points: first, the Athens Stock Exchange, where the new entity’s shares will continue to trade, and second, Allwyn’s architect, Karel Komárek. The group already operates in over 15 markets across Europe and the U.S., with further expansion plans in the works.
The news of the merger, which broke yesterday morning, caught the market by surprise, and it quickly became clear from the initial announcements that OPAP and Allwyn together are eyeing a much larger slice of the global gaming market. The new structure will feature combined operations of significantly greater scale in terms of revenue, profits, growth, and capitalization. In practice, the merged company will be one of the heavyweights of the Athens Exchange, expected — under current conditions — to become the second-largest listed firm by market capitalization. As for OPAP shareholders, in terms of payout policy, they will be entitled to a €0.50 interim dividend per share (this coming November), while the new merged company will also pay an additional €0.80 per share for the 2025 fiscal year right after the completion of the transaction.
Meanwhile, management intends to maintain a minimum annual dividend of €1 per share from the 2026 financial year onward, along with a dividend reinvestment option (scrip option).

The Management’s Message

Immediately following the deal’s announcement, OPAP executives briefed employees, who expressed satisfaction with the new prospects ahead, while agents also responded positively.
For them in particular, significant benefits are expected from Allwyn’s planned investments as part of the upcoming rebranding (starting January 2026), aimed at modernizing and digitizing the retail network. Later yesterday, analysts joined a conference call with senior executives from OPAP and Allwyn, who provided further details from the group’s headquarters on Athens Avenue.
Among the key takeaways was that the merged company will be in a strong position to seize new growth opportunities, including potential acquisitions and entry into new markets. Another message sent loud and clear: for Allwyn, Greece is set to be a central hub of its business and digital operations, through major investments and its presence in OPAP, Stoiximan, Kaizen Gaming, and Allwyn Lottery Solutions.

Meeting at Maximos on Greece’s Stance Toward the Net Zero Framework

Trump’s warning that the U.S. will impose sanctions on countries voting in favor of the IMO’s new full decarbonization measures for shipping has set off alarms.
Tomorrow at the Maximos Mansion, the Prime Minister has called a meeting with Shipping and Island Policy Minister Vassilis Kikilias and Coast Guard Chief Vice Admiral Tryfon Kontizas to decide Greece’s stance.

At the same time, First Deputy Coast Guard Commander Christos Kontorouhas, a veteran IMO expert, departs for London — IMO’s headquarters — where the Special Session of the Marine Environment Protection Committee begins tomorrow to discuss and vote on the Net Zero Framework.
Sources suggest the vote might be postponed. The issue is that no one yet knows how IMO will manage the vast sums from the CO₂ tax on ships, especially since no viable “green” fuels are available.
Postponement is also the Greek shipowners’ proposal, with George Prokopiou recently declaring from Cyprus to IMO Secretary-General Arsenio Rodríguez:

“We need to pause. We don’t have to wait for Trump to show us the way — we should chart it ourselves, because we know our business.”

“Green Light” for the Trachones Complex

Another residential complex is moving ahead within the “Little Athens” neighborhood of the Ellinikon redevelopment project by LAMDA Development. The Environment Ministry has given the green light, approving environmental terms for a new seven-building complex, some with ground-floor retail to serve residents in the so-called “Trachones Neighborhood,” named after the nearby stream. The project includes excavation and soil restoration permits for seven new buildings — one single-story commercial building and six five-story residential ones, two featuring shops and restaurants on the ground and first floors — plus an underground parking level, a water feature, eight swimming pools, fourteen hot tubs, and landscaped surroundings.

Prices in “Little Athens,” which includes just over 1,100 housing units with stores, vary by complex, starting around €7,500/m² and reaching up to €11,000/m² for the Park Rise complex, designed by Danish architectural firm BIG (Bjarke Ingels Group).

LAMDA Marinas in Venice

Speaking of LAMDA, its subsidiary LAMDA Marinas will participate in the ICOMIA World Marinas Conference 2025 in Venice (Oct. 15–17) as Official Partner and Gala Dinner Sponsor — the top global event for the marina industry. The company will showcase the Agios Kosmas Marina (part of the Ellinikon project), the green initiatives at Flisvos Marina, and its vision for the new Mega Yacht Marina of Corfu.
CEO Stavros Katsikadis will present in two panels:

1. New Energy Sources for the Green Transition and Vessel Propulsion, explaining how marinas can prepare for the future — highlighting Flisvos Marina’s sustainable upgrades.
2. State-of-the-Art Marinas, where he’ll present the new Agios Kosmas Marina, a landmark part of the Ellinikon redevelopment — Europe’s largest urban regeneration project.

Thenamaris of Nikolaos Martinos Achieves a Global First with Venezuela

The Aframax tanker “Sealeo” (108,000 DWT), owned by Thenamaris of Nikolaos Martinos, became the first vessel to transport crude oil from Venezuela to the U.S. East Coast after a six-month hiatus.
It discharged Boscan crude at PBF’s Paulsboro terminal in New Jersey, under the resumption of Chevron’s shipments from Venezuela, following a new U.S. license.
The “Sealeo,” rechartered by Chevron, has since departed for Punta Guaranao, Venezuela.

Back from the Dead…

Yesterday the column mentioned a company that was founded and dissolved on the same day — Friday, October 10 — after only a few hours. We wondered if the sole shareholder had second thoughts.
Well, there’s an update: on Monday, October 13, the same firm, Meli Cordeli S.A., was re-established. Headquartered on Ermou Street, its purpose is real estate acquisition and management, with an initial share capital of €2,510,000.
But here’s the twist: instead of 2,510,000 shares of €1 each (as before), it now has 25,100 shares of €100 each. This time, capital came not solely from the previous sole shareholder, but split as follows: G.P. contributed €753,000 (7,530 shares – 30%) Another company, controlled and represented by him, contributed €1,757,000 (17,570 shares – 70%) So Meli Cordeli S.A. is back in business — not as a single-member S.A., but as a regular S.A. As the saying goes, “same John, different Johnny.”
Still, for all this fuss — formation, dissolution, and reformation — the change clearly means something.

Major Announcements Today from IDEAL

IDEAL Holdings has invited the press to a business lunch today, and surprises are expected.
Reliable sources say that as year-end approaches, revenue is projected to hit €500 million, with operating profits of around €57–58 million. This means investors can look forward to a pre-dividend of €0.10–0.15 per share soon, with the possibility of doubling after the fiscal year’s close.

Bought Out the Buyer

The French company EXOSENS, a leader in electro-optical systems (light amplification, detection, and imaging), had long approached Theon Intl PLC of Kryss Chatziminas seeking to acquire it. Instead, Theon, after listing on the Amsterdam Euronext, quadrupled its value to a €2.4 billion market cap — and flipped the script. It has now reached a definitive agreement with HLD Europe SCA, Invest Prince Henri SCA, and Invest Gamma Sarl (part of Groupe HLD) to acquire a 9.8% stake in Exosens SA for €268.7 million, or €54 per share.

Size Does Matter After All

In less than a week, stock market news has revealed a hidden truth:
Ahead of the Greek Capital Market’s upgrade to “developed” status and its integration into the Euronext Group, listed companies need to scale up. OPAP merges with Allwyn creating a €16 billion giant, Eurobank buys Eurolife for €813 million,
and Intralot absorbs Bally’s Interactive in a €2.7 billion deal. Only by scaling up will Greek companies appear on major institutional investors’ radars. Alpha Bank–Unicredit and Piraeus–Ethniki Insurance showed the way — and more such moves are sure to follow.

GEK TERNA and Bank of Cyprus Just a Breath Away from New Records

Defying the selling trend yesterday, GEK TERNA and Bank of Cyprus moved upward, nearing new peaks. GEK returned above the €23 mark, closing at €23.36, just shy of its year-high of €23.4. Intraday it hit €23.6, a price unseen for 25 years — since January 7, 2000, when it closed at €23.99.
The stock has gained 5.7% in five days, up 26.4% year-to-date, valuing the group at €2.4 billion. Bank of Cyprus climbed back above €8, closing at €8.12, matching its daily high and nearing its record close of €8.18 (Sept. 29) and intraday record of €8.20 (Sept. 30). It’s on a three-day winning streak, up 3.8% cumulatively, and 76.5% in 2025. The bank’s market cap exceeds €3.5 billion, approaching Jumbo’s €3.8 billion, which would put it in the Athens Exchange Top 10 by capitalization.

Big Ships…

In the end, Greek shipowners come out on top. Starting today, Trump’s decision takes effect — imposing higher port fees on all ships built in or owned by China. The U.S. now charges $50 per net ton on Chinese ships, rising to $140 by 2028. Naturally, China struck back, imposing 400 yuan ($56) per ton, scaling up to $157 on U.S.-owned ships. Truth is, there aren’t many made-in-USA ships — but there are plenty with American ownership, especially among Wall Street-listed shipping companies. China controls 53.3% of global shipbuilding, the U.S. just 0.1%. Major shipping groups are in panic: many used Chinese leasing structures to finance fleets — now discovering this may make them “Chinese” in the USTR’s eyes. Companies like Seaspan have already moved headquarters from Hong Kong to Singapore, while others change flags and renegotiate loans. The extra fees will cost the 10 largest shipping groups $3.2 billion in 2026 — costs that will, of course, be passed on to consumers. For now, the nimble Greek shipowners — whose fleets were built outside China — are the clear winners.