One of the first privatization deals of Greece had a lukewarm response from the international market. This is clearly an indicator of the uphill climb that the country is facing to comply with set bailout conditions in its current economic quagmire.
There were two bids made for the sale of 33% shareholdings over betting monopoly OPAP. This is one of the crown jewels in the privatization lot and is expected to raise about Eur2.2 billion on the Athens Stock Exchange. One of the bidders is Third Point, a US investment fund that reaped fat profits in the discounted Greek government bonds sale conducted last year. The other deal was Emma Delta, a consortium headed by Greek shipping magnate George Melisanidis and Czech mogul Jiri Smecj.
Other known gaming investors who initially showed interest were Gauselmann, the gaming equipment firm from Germany, Playtech, the gaming software group, BC Capital the private equity fund and Fosun the conglomerate from China. All four quit midstream while others are still having second thoughts in investing in Greece.
According to the HRADF, the Greek privatization firm, the offers would be reviewed during a board meeting and the sale is part of the Eur2.6 billion privatization target for 2013.
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