Deutsche Bank still expects Bulgaria's Privatization Agency to ask confirmation of offer, Dominick Redfurn from the bank's investment department said in an interview for Bulgarian NET radio. "Till now, we haven't received information what would happen to our participation in the privatization procedure. The rest of the bidders have already got an invitation," Redfern said.

"Even if we get the invitation on Monday or Tuesday, this would be illegal," he commented. Redfern noted that in the complex situation created by the decision of the Supreme Administrative Court (SAC) for a new privatization procedure, Deutsche Bank-owned consortium Tobacco Capital Partners might not go on "losing time and money" and might find a good deal in another country.

Russia's consortium Rosbulgartabac and Austria's Tobacco Holding GmbH, two of the bidders who lost the initial bid for 80% stake in Bulgaria's tobacco giant Bulgartabac, have been asked to confirm the validity of their bids, the Privatisation Agency announced January 15. The validity of the bids expires on January 19; they are to be extended for ninety days. In the middle of December a five-member panel of the SAC upheld the cancellation of a deal to sell Bulgartabac to Tobacco Capital Partners. The first reading of SAC ruling defines it as a violation of the law for the Privatisation Agency to let named by the agency buyer, Tobacco Capital Partners, to continue its participation in the privatisation procedure, the Privatisation Agency claims.

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