Piraeus takeover advances

COSCO’S takeover of two privatised Piraeus terminals is expected to be formalised in October after the Greek government rejected union pleas to quash a concessionaire deal.
COSCO won the Piraeus tendering process in June with a bid valued at €4.3Bn ($6.2Bn).
The Council of State rejected yesterday demands by dockworker unions. Piraeus employees have refused for months to work overtime and weekends, which Piraeus Port Authority has tied to the first-half losses it posted last month of €9.3M.
Hearings for another challenge of the legality of the privatisation’s bidding process are scheduled for 7 November.

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