The prospective buyer of a 49 percent stake in distribution network operator DEDDIE/HEDNO is expected to be given minority rights, reflecting the acquired stake, in the company’s new management and board.
The ongoing privatization’s nine second-round qualifiers will be provided full details on the precise administrative model to be adopted and the sale procedure’s next steps in letters to be forwarded by state-controlled power utility PPC, the operator’s parent company, possibly on May 10.
The buyer is expected to be represented by five members in an 11-member board or four members should a nine-member board be favored. Some of the buyer’s board members are expected to have bolstered managerial roles.
In its forthcoming letters to the second-round qualifiers, PPC, to maintain majority control of DEDDIE/HEDNO, is expected to ensure that the eventual buyer will not face obstacles in crucial investment issues as the power utility will be a cooperative chief partner.
Once they have been updated on details by PPC, through its forthcoming letters, the nine second-round qualifiers are expected to sign confidentiality agreements offering access to the operator’s virtual data room.
A series of private meetings between bidder representatives and PPC will follow, ahead of their binding offers, expected to be submitted by September.
All nine qualifiers are believed to be considering partnerships ahead of their binding bids. In recent weeks, a well-known foreign fund already possessing a strong presence in Greece’s food market, as well as other sectors, has been involved in talks, for a minority role, with one of the US or Australian funds through to the second round.
Collectively, the second-round qualifiers in the DEDDIE/HEDNO sale manage over 10 trillion euros, while most have interests in utilities around the world.