The cash-strapped Greek government is planning to sell off the country’s postal operator HellenicPost (ELTA), with bpost, PostNL and private couriers seen as potential investors.
A government committee last month approved the privatisation of ELTA, including the sale ofup to 100 per cent in the company, as part of wider efforts to dispose of assets to generatemuch-needed revenues for the crisis-hit country.
The Hellenic Republic Asset Development Fund, charged with the asset sales, said that thegovernment has appointed Lazard Freres and PricewaterhouseCoopers Business solutions as financialadvisors and KLC Law Firm as legal advisor to assist with the privatisation. The state owns 90 percent of ELTA shares while the Hellenic Post Bank owns the remaining 10 per cent.
The Naftemporiki website yesterday reported that the sale would begin by the end of thisyear, according to Bloomberg news agency. Interest in the company is strong and potential buyersinclude Belgium’s bpost, Dutch operator PostNL along with Greek courier firms ACS and Speedex andinvestor Star Investments, it said, without giving any sources.
Both bpost and PostNL declined to comment to CEP-Research on the report. “We never comment onthese rumours in the market,” said a PostNL spokesman. Similarly, a bpost spokesman said: “We donot comment on rumours.”
Several years ago bpost held talks with Greek authorities over a potential investment inELTA’s express courier business as part of a joint venture with Star Investments but no agreementwas reached.
ELTA offers nationwide postal services in Greece along with express and parcel services andalso financial and insurance services. It operates a network of 750 post offices.
