Hellenic Duty Free stake up for sale

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According to local reports, the main stakeholder in leading Greek operator Hellenic Duty Free is to sell a 45% stake in the company. The Agricultural Bank of Greece currently owns 62% of shares in Hellenic, but last year voiced its disapproval of the way in which the company was run by international joint venture GTM, formed by Aer Rianta International, Gebr Heinemann and Kappé Schiphol owner Jacques Parson. The GTM management team, including Parson, Frank O'Donovan and Nick Hillyard, subsequently left amid protracted disputes between shareholders and board members.

The current management of Hellenic Duty Free was unavailable for comment.

The Agricultural Bank of Greece plans an international auction for the 45% share of Hellenic, and with the Olympic Games being held in Athens in 2004, the news is bound to arouse interest among ambitious European operators.