Mytilineos Exits Helleniq Energy: Political Decision or Strategic Move?

Vangelis Mytilineos is moving forward with a major placement of 11.3 million Helleniq Energy shares, representing roughly 3.7% of the company’s share capital, aiming to realize capital gains and redirect funds toward new investments. The placement is executed through Euroxx and Morgan Stanley, at a price of €7.96 per share, close to the closing price of €8.10, generating approximately €90 million in proceeds for the businessman.

According to well-informed sources, the decision comes after the government refused to approve a deal that would have allowed Mytilineos to increase his stake in Helleniq Energy. This move is interpreted as a strategic release of capital and also as a signal of independence from governmental interference.

Market Implications

The sale of Mytilineos’ shares has several potential impacts:

• Competition: The independence of the Mytilineos and Latsis groups is expected to increase competition in Greece’s downstream energy market.
• Internationalization: Metlen, Helleniq Energy, and DEI have established trading offices in Switzerland, improving access to international markets and opening new project opportunities.
• Strategic liquidity: Proceeds from the placement allow Mytilineos to leverage his substantial liquidity for investments and hedging, without reliance on government approval.

In other words, this is not a liquidity-driven move but a targeted financial strategy creating new opportunities.

Political Dimension

The government’s “no” to the previous deal can be seen as a point of friction between the state and major business groups, highlighting that leading energy companies in Greece are now acting independently. The placement may also serve as a political signal: strategic decisions are made without waiting for governmental blessing, using international capital and business agility.

The sale of Helleniq Energy by Mytilineos combines financial strategy with political significance:

• Financially: Capital gains, liquidity, new investment projects.
• Politically: Distancing from government pressure and strengthening independence.
• Market-wise: Boosted competition, internationalization, and new capital for projects.

Through this move, Vangelis Mytilineos reinforces his position as a strategic player in the Greek and international energy sector, demonstrating long-term vision and active liquidity management skills.

Source: pagenews.gr