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Etba Bank News

21 Nov 2000

Mytilineos Eyes Major Stake In Shipyard

Greek engineering and metallurgy group Mytilineos is eyeing a majority stake in Hellenic Shipyards in an effort to penetrate further into Greece's defense industry, a company official said. "The group is interested in acquiring a 51 percent stake in Hellenic Shipyards at Skaramanga, however, this will depend on the terms to be set by the Greek government," Vangelis Mytilineos said. "The shipyard has liabilities of 100 billion drachmas and 2,200 employees. Last week, in an amendment to a draft bill presented to parliament, Greece allowed for ETBA Bank that owns 51 percent of the shipyard to reduce its stake, opening the way for its full privatization.

13 Mar 2001

Nine Companies Bid for Hellenic Shipyards

Nine companies expressed interest in the privatization of Hellenic Shipyards at Skaramanga, part of the country's privatization agenda for 2001, the development ministry reported. The government's advisers on the project will shortlist bidders in the next 15 days and then ask for binding bids for the shipyard, whose major shareholders are ETBA Bank and workers. The ministry expects the project to be concluded by June. The companies that expressed interest are: Constructions Mecaniques de Normandie; General Electric Company; Howaldtswerke Deutsche Werft AG-Ferrostaal AG; Louis Cruise Lines Ltd ; Mentor Technologies; Elefsina Industrial Companies SA; Pacific & Atlantic Corporation; Royal Schelde BV-Damen Shipyards Group BV; and Vosper Thornycroft Ltd.

09 Aug 2001

Skaramanga Workers Favor HDW/FS Bid

Greece's Skaramanga shipyard workers are in favor of a Hoawaldtswerke Deutsche Werft-Ferrostaal (HDW/FS) offer to buy out 100 percent of the shipyard for 1.5 billion drachmas ($3.8 million), a shipyard executive said. George Kontakis, vice president of Skaramanga shipyards and representative of the 49 percent stake owned by its workers, said the union's approval was unanimous. "The union's board decided unanimously (in favor), as ETBA Bank did, and announced HDW/FS as the highest bidder for the sale of 100 percent of the shipyard," Kontakis said. Earlier this week ETBA Bank, which holds a 51 percent stake in Skaramanga shipyards, said…

08 Aug 2001

HDW Emerges as Successful Bidder for Shipyard

Hellenic Industrial Bank (ETBA) was outperforming the Athens bourse on expectations it will soon sell its majority stake in Skaramanga shipyards, analysts said. ETBA, which owns 51 percent of Hellenic Shipyards Skaramanga, said it would start negotiations with German shipyard HDW Werft, which was the highest bidder in the privatization of the shipyard. ETBA shares were up 3.81 percent to 6.00 euros at 1102 GMT, outperforming the Athens bourse's benchmark general index, which was down 0.92 percent, and the banking sector index which was down 1.45 percent. "Procedures concerning Skaramanga are being sped up, and this could accelerate the privatization of ETBA Bank as well," said Costas Vergos, analyst at Magna Trust Securities.

08 Aug 2001

Hellenic Shipyards Skaramanga To Go Private With HDW Werft

Hellenic Industrial Bank was outperforming the Athens bourse on Wednesday on expectations it will soon sell its majority stake in Skaramanga shipyards, analysts said. ETBA, which owns 51 percent of Hellenic Shipyards Skaramanga, said late on Tuesday it would start negotiations with German shipyard HDW Werft, which was the highest bidder in the privatization of the shipyard. ETBA shares were up 3.81 percent to $5.27, outperforming the Athens bourse's benchmark general index, which was down 0.92 percent, and the banking sector index, which was down 1.45 percent. "Procedures concerning Skaramanga are being sped up, and this could accelerate the privatization of ETBA Bank as well," said Costas Vergos, analyst at Magna Trust Securities.