The government is pushing ahead with its plan to sell, through the bourse, part of the Greek State’s 35.48 percent stake in Hellenic Petroleum (ELPE) in a procedure that is expected to swift and completed within November.
The sale’s consulting duo, National Bank and Goldman Sachs, has launched a related market test to identify interested parties through a book-building procedure.
The level of interest in the sale will determine the percentage of the Greek State’s ELPE stake to be offered to investors. At this stage, the government does not appear willing to disengage the Greek State from its entire 35.48 percent in the petroleum firm.
ELPE’s share has slid 6.4 percent over the past four days, from 9.11 euros to 8.52 euros.
The Latsis Group’s Paneuropean Oil, ELPE’s main shareholder with a 45.5 percent stake, has decided not to participate in the sale, sources have informed.
The two shareholders had joined forces to offer investors an overall 50.1 percent stake in ELPE last April, but the sale failed to procedure a result.
Prior to that sale attempt, the former Syriza government’s energy minister Giorgos Stathakis secured a controlling 51 percent stake for the Greek State in Exploration Holding Company, to which all of ELPE’s hydrocarbon exploration and production licenses were transferred. The holding company’s role could change.