German Investors Confirm Interest in Bulgaria's Tobacco Monopoly

Business | November 16, 2002, Saturday // 00:00| Views: | Comments: 0
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Bulgartabac issue has been raised at all the meetings with German politicians and businessmen, Deputy Prime Minister and Economy Minister Vassilev said. He underlined that the German investors have confirmed their commitment and interest in the deal for an 80% stake in Bulgaria's tobacco giant. The position of the government has been clearly stated and we will do our best so that the deal serves the nation's interests, he underlined. On October 29 the Supreme Administrative Court (SAC) overruled the decision of the Privatisation Agency and stripped the preferred buyer, Deutsche Bank-backed consortium Tobacco Capital Partners and Clar Inns, of its status. Following PA appeal, the case will be heard by a five-member SAC panel on November 29. PA will try to defeat the court's claims that there had been favourable changes in the financial standing of Bulgartabac that could have - but did not - influenced the price offered for it. Minister Vassilev said that he fully backs the position of the Privatisation Agency.
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