Bidders for Bulgaria's Tobacco Monopoly Asked to Confirm Offers

Business | November 14, 2002, Thursday // 00:00| Views: | Comments: 0
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The Privatisation Agency sent letters to the four bidders for 80% stake in Bulgaria's tobacco giant Bulgartabac, asking for confirmation of the validity of the bids that were submitted in July. The validity of the offers for the privatisation procedure expires on November 19, 2002. The bidders will have to submit their answers till November 19 and extend the validity of the offers by 60 days. All four bidders for Bulgaria's tobacco monopoly Bulgartabac - consortium Rosbulgartabac, Tobacco Capital Partners and Clar Innis B.V., Consortium Metatabak and Tobacco Holding submitted final offers before the deadline July 22. The consortium of Tobacco Capital Partners and Clar Innis B.V. gave the highest offer for 80% stake in cigarette-maker Bulgartabac. In a separate development court proceedings got underway November 14 after appeals were filed against the Supreme Administrative Court ruling on the outcome of the privatisation procedure for an 80% stake in Bulgaria's tobacco monopoly. The Privatisation Agency, the failed bidders for Bulgartabac deal - Tobacco Holding and Metatabak consortium, as well as the initial winner Tobacco Capital Partners all filed appeals against decisions of the Supreme Administrative Court November 12. The sitting of the five members of the Supreme Administrative Court has been scheduled for November 29.
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