EYDAP says Paulson’s stake at company has dropped to zero
TL;DR
EYDAP confirms Paulson & Co. has fully divested its stake, raising questions about the hedge fund's strategy in Greece. This shift may signal a move toward more domestic governance for the water utility company.
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EYDAP says Paulson’s stake at company has dropped to zero
EYDAP Announces Paulson & Co. Stake Reduction to Zero
The Athens Water Supply and Sewerage Company S.A. (EYDAP) has confirmed that Paulson & Co., the U.S.-based hedge fund, no longer holds any equity stake in the company. This marks a significant shift from prior disclosures, in which Paulson had reported ownership in EYDAP and other Greek assets, including banking sector holdings. The hedge fund's complete divestment raises questions about its strategic focus in the Greek market, though no official explanation has been provided by the firm.
EYDAP, a key player in Greece's utilities sector, operates an extensive network for potable water distribution, covering 14,300 km as of 2024, alongside wastewater treatment services and minor electricity generation. The company employs 2,144 staff and reported a revenue breakdown of 64% from water distribution, 28.5% from wastewater services, and 0.5% from electricity sales in its most recent operational data.
Paulson's previous involvement in EYDAP aligned with broader efforts by international investors to secure stakes in Greek infrastructure assets, particularly during periods of economic restructuring. However, the hedge fund's recent exit underscores evolving investment priorities, potentially reflecting market conditions or regulatory dynamics. Notably, prior EU-level discussions had sought to address privatization frameworks for water services in Greece, though the implications of Paulson's divestment for such policies remain unclear.
For EYDAP, the loss of Paulson as a shareholder may signal a return to more domestically oriented governance. The company has not commented on potential impacts of the stake reduction but continues to emphasize operational efficiency in its public statements. Investors will likely monitor future developments to assess whether this move influences broader foreign interest in Greek utilities.
Paulson hedge fund discloses Greek bank, water stakes (Reuters)
Leaked EU memorandum reveals renewed attempt at imposing water privatization on Greece (TNI)
Athens Water Supply and Sewerage Company S.A. (Marketscreener)
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