PPC says China's State Grid offers highest bid for stake in Greek power grid operator

ATHENS - China's State Grid International Development offered the highest bid amounting to 320 million euros ($352 million) for the acquisition of 24 percent stake in Greece's power grid operator ADMIE, Greece's public power corporation (PPC) announced on Wednesday.

The Chinese company and a consortium led by Italy's TERNA had submitted binding offers last week.

According to a PPC press release, PPC's board of directors will now validate the offer on Oct 31 formally declaring China's State Grid as the Preferred Investor and in the next step PPC's shareholder's general assembly on Nov 24 will make the final decision.

At the end of the procedure which was flawless so far, as underlined in the press statement, the Greek state will control 51 percent of ADMIE. The operator's new CEO from now on will be appointed after an agreement between the Greek state and the strategic investor.

The tender for the sale of a minority stake in ADMIE was conducted in the context of the Greek bailout program as part of efforts to overcome the seven-year debt crisis and restore growth in the country.

Under the timetable ratified by the Greek parliament, the deal on ADMIE should be finalized by April 2017.