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Banks announce sales process for Nireus, Selonda

The aim is for the two bass and bream producers to have changed ownership by the end of 2017, or at the latest in early 2018.

The sales process for Greek sea bass and sea bream producers Nireus and Selonda will officially kick off in September, reports Euro2day.

PriceWaterhouseCooper (PwC) and Alvarez & National will oversee the process and conduct the due diligence.

Four banks -- Piraeus Bank, Alpha, Eurobank and National -- are currently the main shareholders and biggest creditors. 

A 82.1 percent stake in Selonda and a 75.9 percent stake in Nireus are up for grabs. 

The management of the two groups has been tasked to provide all the necessary information for the due diligence to PwC and Alvarez & National.

The goal is for the due diligence check to be completed by the end of July.

The audit will inform the structure of the competition, decided in partnership between the banks and investment bank Lazard.

The schedule requires non-binding bids to be submitted in the first 10 days in September. It is, however, likely to be changed as the process is still in its infancy, according to the media report. 

The aim is for Nireus and Selonda to have changed ownership by the end of 2017, or at the latest in early 2018.

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