HRADF, PanEuropean agree terms to sell 50.1 pct in Hellenic Petroleum

The Greek state and PanEuropean, a member of Latsis Group, on Wednesday announced they had reached an agreement to sell 50.1 pct of Hellenic Petroleum.

Hellenic Republic Asset Development Fund (HRADF) and PanEuropean Oil and Industrial Holdings SA signed a memorandum of understanding for the joint selling of at least 50.1 pct of the company’s equity capital through an open international tender. HRADF will offer 20 pct from its 35 pct equity stake in Hellenic Petroleum while PanEuropean will offer the remaining 30.1 pct.

Following completion of the process, the two main shareholders will hold a 15 pct equity stake each, the majority shareholder will have 50.1 pct and the remaining will remain under the control of institutional investors and individual shareholders.