Hutchison bags Greek port project

A consortium including Hong Kong's Hutchison Whampoa's ports unit and Greek pharmaceutical group Alapis SA offered the highest bid to manage and develop container terminal operations in Thessaloniki, Greece's second largest port, Dow Jones reports.

According to press reports the joint offer totaled US$4.9 billion.

Other bidders for the port included Dubai Ports World, which teamed up with Greek construction group Aktor and Piraeus Bank; and China's Cosco.

Last year the country's centre-right New Democracy government announced its plans to privatize the container management operations at the Piraeus Port Authority and the Thessaloniki Port Authority.

The government controls around 74 percent of both ports, and wants private companies who can manage and invest in their container terminal operations for up to 35 years.