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Greece Wants Higher Bid for Lottery

TAIPED, the Greek agency helping oversee privatization of state assets, has rejected a bid for the country’s lottery, one of the first expected to bring in sizeable revenues to help reduce the country’s staggering debt.
Greece did not accept the offer of a consortium, led by the OPAP gambling agency, to run the state lotteries for the next 12 years and asked for a higher bid amid fears that the country would be selling off its assets and enterprises cheap in a fire sale.
The TAIPED board will meet again on Dec. 12 to review the bidding procedures. The newspaper Kathimerini reported that the consortium, which also includes Lottomatica, Intralot and Scientific Games, offered a deposit of 125 million euros, ($161.9 million) but TAIPED wants 190 million euros ($246.1 million) to be paid up front.
The licensee will also pay 30 million euros ($38.8 million) in the first year of operation and 50 million euros ($64.7 million) minimum per year thereafter. Sources told the newspaper that Lottomatica has vetoed a deposit in excess of 150 million euros, or $194.2 million. The international tender covers the privatization of the exclusive right to produce, operate, circulate, promote and manage the state lotteries.

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