Greece Names Cosco Preferred Piraeus Port Bid

Greece named China's Cosco as the preferred investor for the acquisition of a 67-percent stake in the country's biggest port, Piraeus , its privatisation agency (HRADF) said on Wednesday.

Greece last month named Cosco as the highest bidder for the stake and asked the company to submit the necessary documents to name it a winner.

"During its session today, the board of directors of HRADF unanimously declared Cosco Hong Kong Group Limited as the preferred investor," HRADF said in a statement.

The tender dossier will now be submitted to a Greek court of auditors, it said. An approval by the auditors and other authorities is necessary for the deal to be signed.

Reporting by Angeliki Koutantou