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BAT Dumps Bulgaria's Tobacco Giant Sale, Deal Fails

Date: 01.02.2005
British America Tobacco (BAT) has dropped its offer to acquire three of Bulgaria's state-owned Bulgartabac Holding most prospective factories. BAT's Board of Directors decided to dump its EUR 200 M offer for 80% of the shares of Sofia BT, Blagoevgrad BT and Plovdiv BT following the political scandal that shook Bulgaria last week. BAT, the world's second-largest cigarette producer, placed a sole offer for Bulgartabac package at the end of last year to the chagrin of the Bulgarian government, who had believed that would emerge as a three-way bid between BAT, Imperial Tobacco and Philip Morris International. Bulgaria's tobacco monopoly sale fails less than five months before general elections in Bulgaria.
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