DESFA’s 66% will be taken over by the consortium headed by the Italian company SNAM. According to a Hellenic Republic Asset Development Fund S.A. (TAIPED) announcement it is the one that made the highest bid.
However, a new improved financial proposal was called for, which will be evaluated in the next phase.
Information indicates that the tender for the takeover of the DESFA majority stake was in the range of EUR 535 million while that of the second joint venture to EUR 457 million.
According to the TAIPED announcement, “the Board of Directors of TAIPED, at its today’s meeting and in co-operation with the Hellenic Petroleum SA (Hellenic Petroleum), opened the files of the improved financial offers submitted by the following two investment schemes:
Consortium of Snam S.p.A., Enagás Internacional S.L.U. and Fluxys S.A.
Consortium of Regasificadora del Noroeste S.A., Reganosa Asset Investments S.L.U., S.N.T.G.N. Transgaz S.A. and the European Bank for Reconstruction and Development (EBRD), for the acquisition of 66% (31% participation of TAIPED and 35% participation of HELPE) of the share capital of DESFA.
Under the terms of the tender procedure, Snam S.p.A., Enagás Internacional S.L.U. and Fluxys S.A., which has submitted the highest bid, to submit a further improved financial proposal, which will be evaluated at a subsequent meeting of the Board of Directors of the TAIPED and by the competent bodies of the HELPE.
Meanwhile, TAIPED has published a call for Expression of Interest to acquire a majority stake in the share capital of Hellenic Petroleum S.A.
Those interested in acquiring the majority shareholding of HELPE are invited to express interest until May 18.
In particular, the text of the call for proposals explicitly states that the TAIPED may exclude those concerned “whose exclusion is considered by the Hellenic Republic to be necessary for the protection of Greek national interests and/or national security and/or energy security and the security of the energy supply”.
The call also states that stakeholders from a number of countries, including fYROMacedonia, are excluded.
The other countries in the list are: Antigua and Barbuda, Vanuatu, Grenada, Liberia, the Bahamas, Bahrain, the Dominican Republic, Virgin Islands, the Philippines and Hong Kong.
As to the other conditions set out, the invitation states that the capitalisation of the companies concerned should be at least EUR 2 billion and be in a position to prove that they can be show they have at least EUR 2 billion available for investment.
TAIPED’s relevant press release reads:
” …the Fund and POIH (collectively the “Sellers”), in their capacity as significant majority shareholders of HELPE, have entered into arrangements with the intention of divesting jointly a combined majority stake representing at least 50,1% of the share capital of HELPE, through an international open tender process (the “Tender Process”), to be carried out by the Fund, as outlined below.
This is one of the most important moments in the Hellenic Public Utilities Programme, since HELPE is one of the leading energy groups in Southeastern Europe with presence in six countries and significant export activity, which represents over 50% of the total sales volume.
Interested investors who meet the pre-selection criteria will be invited to participate in the 2nd Phase.”…. / IBNA