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Sintez reportedly gives up on bidding for Greece's DESFA.

MANews-(C)2009-2013

10 June 2013 - Russian energy firm Sintez Group JSC has abandoned its plan to make a binding bid for Greek natural gas grid operator DESFA SA, part of local retail gas distributor Public Gas Corporation SA (DEPA), Reuters reported today, quoting an official close to the company.

The decision was also confirmed by two Greek officials taking part in the privatisation process, the agency said. The deadline for submitting final bids for DESFA, as well as for its parent, expires today.

According to another source, a consortium comprising Greece's GEK Terna Holding Real Estate Construction SA (ATH:GEKTERNA) and Czech fund PPF SA, which was interested in DESFA, will not submit a bid either. Azerbaijan's state oil firm SOCAR thus remains the only candidate for the Greek company, Reuters said.

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. Earlier today, Reuters reported that the only possible bidder for DEPA remained Gazprom OAO (MCX:GAZP), after Greecea[euro](tm)s M&M Natural Gas SA had withdrawn from the race, according to a senior official.

M&M is a joint venture between Greek companies Motor Oil Hellas Corinth Refineries SA and Mytilineos Holdings SA (ATH:MYTIL).Country: GreeceSector: UtilitiesTarget: DESFA SABuyer: SOCAR, Sintez Group JSC, GEK Terna Holding Real Estate Construction SA, PPF SAType: PrivatisationStatus: Bidding, Terminated

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