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Greece reportedly gets no binding bids for DEPA.


10 June 2013 - Greece has not received any binding bids for local retail gas distributor Public Gas Corporation SA (DEPA) by the deadline today, Reuters reported on Monday, citing two Greek officials involved in the privatisation process.

According to one of the sources, just Azerbaijana[euro](tm)s state oil firm SOCAR has submitted a bid for DEPA's unit DESFA SA.

Earlier today, Reuters reported, citing sources, that the only possible bidder for DEPA remained Gazprom OAO (MCX:GAZP), after Greecea[euro](tm)s M&M Natural Gas SA, a joint venture between Greek companies Motor Oil Hellas Corinth Refineries SA and Mytilineos Holdings SA (ATH:MYTIL), had withdrawn from the race. According to other sources, quoted by Reuters, Russian energy firm Sintez Group JSC, as well as a consortium comprising Greecea[euro](tm)s GEK Terna Holding Real Estate Construction SA (ATH:GEKTERNA) and Czech fund PPF SA, had abandoned plans to make a binding bid for DESFA.

The sale of DEPA and its unit is part of the Greek governmenta[euro](tm)s efforts to raise EUR2.6bn (USD3.4bn) from privatisations in 2013 under the terms of its international bailout.Country: GreeceSector: UtilitiesTarget: DESFA SA, Public Gas Corporation SA (DEPA)Buyer: PPF SA, GEK Terna Holding Real Estate Construction SA, M&M Natural Gas SA, Gazprom OAO, Sintez Group JSC, SOCARType: PrivatisationStatus: Bidding, Speculation, Terminated

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Publication:M & A Navigator
Date:Jun 10, 2013
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