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Deutsche Bank Acquisition of Tobacco Capital Partners Confirmed
Business | January 31, 2003, Friday // 00:00
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Deutsche Bank acquired 100 percent of the capital of Tobacco Capital Partners, the Privatization Agency confirmed by presenting to the media documents that settled the transfer.
Previously Tobacco Capital Partners was owned by the lawyers from the bureau " Dzhingov, Guginski, Kyuchukov and Velichkov."
Tobacco Capital Partners was set up exclusively to participate in the privatization procedure of Bulgartabac in consortium with Clar Inns, 100 percent owned by Deutsche Bank.
The consortium Tobacco Capital Partners and Clar Inns was named preferred buyer of tobacco monopoly but later this decision was overturned by a three-member panel of the Supreme Administrative Court.
Later, the decision was confirmed by a five-member panel of the same court. In the mean time, Parliament passed Thursday at first reading a law that takes away from the judiciary powers to control sales of twelve big state companies, including that of Bulgartabac Holding.
The Privatization Agency also announced Friday that it expected next week the Bulgartabac deal consultant Credinstalt Investment bank to prepare the information hall of the holding for the bidders. The Privatization Agency will invite the allowed to the competition bidders to sweeten their offers.
Previously Tobacco Capital Partners was owned by the lawyers from the bureau " Dzhingov, Guginski, Kyuchukov and Velichkov."
Tobacco Capital Partners was set up exclusively to participate in the privatization procedure of Bulgartabac in consortium with Clar Inns, 100 percent owned by Deutsche Bank.
The consortium Tobacco Capital Partners and Clar Inns was named preferred buyer of tobacco monopoly but later this decision was overturned by a three-member panel of the Supreme Administrative Court.
Later, the decision was confirmed by a five-member panel of the same court. In the mean time, Parliament passed Thursday at first reading a law that takes away from the judiciary powers to control sales of twelve big state companies, including that of Bulgartabac Holding.
The Privatization Agency also announced Friday that it expected next week the Bulgartabac deal consultant Credinstalt Investment bank to prepare the information hall of the holding for the bidders. The Privatization Agency will invite the allowed to the competition bidders to sweeten their offers.
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