Gazprom Gives Up Bid for Greek DEPA

The privatization procedure for Greek gas company DEPA has failed, after all potential buyers retracted their offers Monday.

Russian gas giant Gazprom was expected to acquire the company, as it was the candidate with by far the best standing, with a bid of close to EUR 1 B.

The privatization was highly important for financially troubled Greece, which has to meet a revenue target of EUR 2.6 B from privatization, in order to avoid further austerity.

It is expected that the privatization procedure, which also includes Greek gas sytem operator DEFSA, will be relaunched.