However, despite the formal conclusion of the offer period, uncertainty persists over what comes next, with investors closely watching the unfolding battle for control of Greece’s second-largest port.
The Louis-Dreyfus group retains the right to extend its bid, but the dynamics have shifted significantly following a strong counter-move by Ivan Savvidis, the Russian-Greek businessman who already holds a dominant position in OLTH.
Belterra Investments Ltd, controlled by Savvidis, has recently increased its stake, now holding 72.89% of the port authority’s shares. Belterra’s latest purchase of approximately €1.2 million worth of shares brings its total holdings to 7,346,843 shares with voting rights—further solidifying its control over the strategic gateway to the Balkans.
In contrast, the Louis-Dreyfus family has so far secured only about 3% of OLTH’s share capital, raising questions about the viability of its bid. While the family has the option to raise its offer price to gain more traction, doing so would require significant financial backing. Whether they are prepared to escalate remains an open question.
Meanwhile, OLTH’s market capitalization has skyrocketed in just three months. In November, the company was valued at €203 million; today, it has surged to €284.2 million—a remarkable 40% increase in just 90 days. This sharp rise is widely attributed to Margarita Louis-Dreyfus’s interest in the port, which has intensified competition over its future.
