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Paulson & Co. Holds Almost 10% Stake in Athens Water

May 6 (Bloomberg) -- Paulson & Co. owns a 9.9 percent stake in Athens Water Supply & Sewage Co. SA, Greece’s largest water utility said today.

Athens Water also said in the bourse filing that a 9.9 percent stake in the Athens-based company that was held by Piraeus Bank SA fell below the minimum threshold as of April 30. Piraeus Bank sold its stake in Athens Water to Paulson for 86.3 million euros ($120 million), a Piraeus Bank official who asked not to be identified said on May 2.

Athens Water, with a market value of 1 billion euros, is 61 percent state-owned, according to data compiled by Bloomberg. The government said in its fiscal plan last week that it will sell the company next year to help meet a 2.2 billion-euro revenue target from state asset sales in 2015.

To contact the reporter on this story: Eleni Chrepa in Athens at echrepa@bloomberg.net

To contact the editors responsible for this story: Randall Hackley at rhackley@bloomberg.net; Jerrold Colten at jcolten@bloomberg.net Reed Landberg

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