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England vs Russia in the Race for Bulgartabac

Date: 27.07.2011

Two competitors have reached the final stage of the privatization procedure of Bulgaria's Bulgartabac Holding, sources from the Agency for Privatization of Post-privatization control said.

The last two competitors are British American Tobacco Ltd, based in London, and BT Invest GmbH, representing Russia's second largest bank VTB.

According to the official communique of Bulgaria's privatization watchdog, the third company admitted to that stage of the competition - Austria's C B Family Office Service GmbH, has failed not meet the requirements for further participation in the procedure.

Experts defined the agency's decision as "surprising" pointing out that the Austrian company had submitted the additional documentation that they were required to submit so as to reach the penultimate stage of the contest.

Deposits and binding offers are accepted until 3 pm on August 29, 2011.

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