Israelis Drop Out of HRADF Ellinikon Competition

The competition concerning the largest privatization in Greece, the Ellinikon International Airport project seems to have only one candidate left as one of the three stakeholders , Israeli company Elbit Cochin, expressed its intention not to proceed any further. Given that London & Regional Properties has requested a four-month extension to submit its binding offer that is scheduled for tomorrow Thursday, February 27, the HRADF competition will go to the Greek company, Lamda Development. Elbit Cochin announced its withdrawal from the competition in a letter addressed to all members of the HRADF Board and the Greek Prime Minister. The letter of withdrawal indicated that the company, in collaboration with its partners and the creditor banks are entirely ready to make an offer, but will not do so, as it considers that the final draft of the contract of sale of the Ellinikon SA shares contains ambiguities and incomplete data. In particular, it does not clarify the tax situation, while it also contains many inconsistencies between what was agreed with the HRADF on a verbal level and to what was stated in the final draft contract. Finally, Elbit claims that there is an absence of the necessary Ministers Council Act, which would bind the Greek government to support the investment in the future.

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