Final nine bidders line up for Hellenic

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Nine companies submitted non-binding bids in the tender for a 40% to 60% stake in Hellenic Duty Free Shops (HDF), majority owner Agricultural Bank of Greece has confirmed

The state Agricultural Bank, which holds 60% in the Greek duty-free operator, said the expressions of interest were submitted to adviser PricewaterhouseCoopers. The bids will be evaluated and a shortlist of buyers will be called to proceed to the second phase of the tender, the bank said.

The nine bidders are: Aelia, Aldeasa, Belgian Sky Shops, Greek jeweller Folli-Follie (with EFG Telesis Investment Bank), ITEX, APAX Partners, SAVE, a Greek retail grouping and The Carlyle Group.

Caryle, the US-based buyout fund has made a 60% bid. APAX Partners is another leading equity investment group. SAVE (Societa Aeroporto de Venezia Marco Polo) is understood to be involved jointly with The Nuance Group and its financing partners. A final bid was made jointly by Greek domestic retailers Germanos and Hondos with Global Capital Investors and Alfa Finance.