This action meets the initial requirements posed by the Chinese.
The privatization procedure is to initiate within the next few days. According to information by ”Kathimerini” newspaper, the die has finally been cast regarding the privatization strategy in Greece’s largest airport, an issue which has troubled for months both the government and the Privatization Fund.
The privatization model which has been selected, satisfies the Chinese as well as the Canadians, who already hold 40% of the airport shares.
The former have clearly stated that their sole interest is the possession of the majority of the shares which naturally goes hand in hand with managerial control.
There has been some information that their ultimate goal is to acquire 100% of the shares, but this is to be achieved gradually.
Awkward as it may seem, the written consent of the Canadian corporation PSP Investment was mandatory if the purchase by the Chinese was to be attained.
This was due to a signed agreement back in 1996 which claimed that all shareholders should approve any alteration which would include the exchange, purchase and sale of shares.
As for the Greeks, they lost the respective right when their 40% was passed on from Hochtief to PSP Investment.
Hence, in order to extract the Canadian consent, the concession agreement was extended to the year 2026.In practice, such an act increases the actual value of the airport, and by extension the value of the Canadian share.
The Chinese side showed little concern for the above developments, though there has been some rudimentary contact between them and the Canadians. Recent changes in high ranking executives of PSP may indicate a window in future negotiations concerning the Canadian’s shares liquidation.
Nonetheless, there is no reason for such action to take place now, as the Chinese presence is certain to bring about significant raise in the airport value.
Their purpose it to make ”Eleutherios Venizelos” a vast gateway to Europe, allowing easier access to millions of Chinese tourists.
Formal display of interest
The group of the Chinese investing companies seems to finalize, consisting of Shenzen Airport, Friedmann Pacific Asset Management, along with one of China’s largest banks and an international Chinese investment Fund.
Further on, a Chinese enterprise association seems to be encouraged by the Chinese government to also take part in this investing coalition.
Finally, there is rumors that a company from New Zealand has also established contact with TAIPED,a Greek corporation especially appointed to handle privatization.
