PPC confirms Italian and Chinese bids for ADMIE

Greece's power utility PPC confirmed on Sunday it had received two binding bids for a 24 percent stake in the country's power grid operator ADMIE.

The terms of Greece's international bailout require that PPC, which is 51 percent state-owned, either sell its stake in ADMIE or fully privatize the grid by next year.

PPC said it was examining bids submitted by Italian power grid Terna jointly with infrastructure fund F2i and by China's State Grid International Development. French power grid operator RTE, a unit of state-owned utility EDF, which was initially among the short-listed investors, did not make a bid.

Under a timetable approved by Parliament, a preferred bidder for ADMIE has to be chosen by October 31 and the deal is expected to be concluded in the first three months of 2017.

[Reuters]