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France's PPC Privatization Interest

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French energy mogul Electricite de France has shown interest in the privatization of Public Power Corporation.

The French company met with leading Greek officials last week, who plan to sell a portion of the electric company, under the campaign coined: "Small PPC".

Prime Minister Antonis Samaras and EDF's CEO & Chairman Henri Proglio met in Athens, to discuss acquirement. It is predicted that EDF will make an indirect purchase, through its Italian Elpedison subsidiary.

According to Kathimerini, even the Hellenic government is surprised at France' attraction to the Greek market. The news portal reported that a governmental official stated, "[Proglio] arrived and presented a study on the synergies that an EDF entry into the Greek market would offer, and was well-informed about the situation of PPC's finances and the detailed privatization plan".

An EDF analysis determined that it would serve as a strategic investor and would purchase 30% of PPC's production quantity, i.e. "Small PPC". The French energy leader believes that PPC will still be a strong domestic market player, even at 70% capacity.