Italy’s Terna, one of four potential bidders in an international tender for the sale of a 66 percent equity share in IPTO, Greece’s Independent Power Transmission Operator – locally referred to as ADMIE – appears to be gearing up for a strong offer, as indicated during its presentation of favorable third-quarter company results.
The company plans to make a binding offer and is open to the possibility of joining forces with a financial partner, according to Terna’s CEO, Matteo del Fante. This has been interpreted as an intention by the Italian company to combine with a fund as a way of boosting the level of its offer.
As for the company’s third-quarter results, Terna posted an EBITDA figure of 1.13 billion euros and net profit of 418 million euros, up by 1.5 percent, while it also proposed a dividend of 0.07 euros per share.
Contrary to reports of an alleged dampened overall interest in IPTO by potential bidders, Terna officials ascertained the company’s maintained interest, noting that the privatization could be completed by the end of the year. Terna plans to submit its offer in December, according to the company officials.
According to sources, the tender’s end-of-November deadline for offer submissions is likely to be extended by about ten days, as a result of time constraints faced by the prospective bidders.
Besides Terna, three other prospective bidders, Belgian company Elia, China’s SGCC, and Canadian fund PSP, are candidates for the 66 percent equity share of IPTO. The remaining 34 percent stake in the operator will be controlled by the Greek state.