Montenegro yesterday accepted an offer from Italian utility A2A for a minority stake in power monopoly EPCG, Deputy Prime Minister Vujica Lazovic said, beating a rival, higher offer by Greece’s Public Power Corporation.
The PPC offer was deemed “incompatible” with the rules of the tender, a day after the company, bidding with GoldenEnergy One Holdings, a unit of the Greek shipping group Restis, said it had no conditions attached to its offer.
Lazovic, however, would not specify the grounds for the rejection of PPC, which had offered 11.10 euros per share for an 18.3 percent stake in EPCG, or roughly 127 million euros, against the 8.40 euros per share bid by A2A.
PPC will have eight days to lodge an appeal before the Privatization Council confirms the decision, he added, speaking after a three-hour government session, which followed the meeting of the tender commission.
(KATHIMERINI, 07/31/2009)