Emma Delta Seeks Assurances on Greek Contracts in Opap Stake Bid

Emma Delta, a Cyprus-based equity fund, confirmed that it’s committed to a plan to buy a 33 percent stake in Greek gambling company Opap SA (OPAP) and is seeking assurances that Opap’s contracts are legally sound.

The fund, whose bid for the stake is worth about 712 million euros ($932 million), said it will be “ready to move ahead and invest in Opap” once it’s convinced that “proper corporate governance and full arms-length terms” are in place and respected by all parties involved in Opap’s contracts, according to a statement today.

“Contrary to recent misleading statements, media reports and speculation,” Emma Delta is not “seeking to interfere in Opap’s legitimate existing or prospective contractual arrangements or its business conduct,” the fund said.

Emma Delta wanted to cancel two elements of the deal agreed to last month, the Financial Times reported earlier today, without citing anyone.

The dispute over the Opap stake sale threatens Greece with the collapse of a key state-asset sale following the government’s failure to sell national gas company Depa earlier this month. State asset sales are key to the country continuing to receive funds under an international aid plan worth 240 billion euros.

To contact the reporters on this story: Eleni Chrepa in Athens at echrepa@bloomberg.net; Christos Ziotis in Athens at cziotis@bloomberg.net

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net

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