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Greece Clears Sale of State Stakes in Post Office, Vehicle Maker

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Aug. 11 (Bloomberg) -- Greece’s inter-ministerial committee for privatizations approved the sale of state stakes in Elta SA, the country’s postal service, and Hellenic Vehicle Industry SA.

Greece’s state assets sales fund will decide on the sale process for as much as 100 percent the state owns in Elta, which will be transferred to the sales fund at a later stage, according to the website for government decisions.

The state will also sell as much as its 57 percent stake in Hellenic Vehicle Industry SA, a Greek maker of buses and military vehicles known as Elvo. Mytilineos Holdings SA holds the remaining shares. The committee appointed I.K. Rokas & Partners as legal adviser and KPMG LLP as financial adviser for the sale.

Greece’s postal services market is due to be fully liberalized from Jan. 1, according to Elta’s website.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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