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Astronomical bids for Piraeus from China

Astronomical bids for Piraeus from China

Athens: Piraeus Port Authority saw its stock price leap 14% yesterday as two bids from China for a pair of terminals more than doubled initial expectations. Cosco Pacific led the way with a total bid worth $4.93bn, while Hutchison Port Holdings came in with a bid of some $4.3bn. Cosco is keen to make Piraeus its gateway for southeast Europe and the Mediterranean. The authority will announce the winner later this month. [4/6/08]

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