Binding bids deadline for IPTO’s 24% expires tomorrow

Prospective buyers of a 24 percent stake of IPTO, the power grid operator, will need to submit their offers by tomorrow, the sale’s deadline for binding bids.

The procedure’s schedule, a bailout requirement, is tight. A preferred bidder will need to be selected no later than October 31. Then, by the beginning of 2017, Greek officials will need to offer a further 25 percent of IPTO to investors through the bourse and transfer of a 51 percent stake from main power utilty PPC, the operator’s parent company, to the Greek State.

On the eve of the binding bids deadline, Italy’s Terna and China’s State Grid appear to be the favorites for IPTO’s 24 percent. As for France’s RTE, the third candidate, pundits believe the company will either not submit a bid or make a non-competitive offer.

Officials estimate that a sum of as much as 250 million euros represents a fair price to pay for IPTO’s 24 percent. Surprises that could go either way cannot be ruled out.