BRITISH AMERICAN TOBACCO WITHDRAWS FROM THE DEAL FOR BULGARTABAC HOLDING

"The international cigarette company British American Tobacco (BAT) has once again withdrawn from the tender for the 79.83% stake in the state-owned Bulgartabac Holding," announced officials from the Agency for Privatization and Post - Privatization Control (APPC). 

BAT has sent an official letter to the agency, stating that the company has decided to cancel its further participation in the tender. Commercial and strategic issues were outlined as reasons for this decision, explained officials from APPC. 

Thus, BT Invest remains the one and only candidate which will compete in the final stage of the privatisation procedure. A week ago, Austria's CB Family Office Service consulting company decided not to buy an information memorandum and to cancel its participation in the tender. 

"Although, there is only one candidate for the acquisition of the tobacco holding, the privatisation procedure will not be stopped," stated officials from APPC. A similar case, with one potential buyer in the final stage of the procedure, occurred during the privatisation of Navigation Maritime Bulgare. 

The deadline for the submission of binding offers is 15:00 hrs on August 29. If BT Invest submits a bid, it will be evaluated by APPC's Executive Board, which has to rule on whether Bulgartabac Holding will be sold.