[Intl-tobacco] BAT Considers Dumping Bulgaria's Tobacco Giant

[robert weissman]

BAT Dumps Bulgaria's Tobacco Giant
Sofia News Agency
October 26, 2004

British American Tobacco (BAT) is considering a withdrawal from the sale of
Bulgaria's tobacco giant Bulgartabac, according to press reports.

BAT will not submit an offer by the deadline October 29, local Pari Daily
reported, citing economist Vladimir Karolev.

British American Tobacco is the second tobacco giant reported to have
abandoned Bulgartabac sale. At the beginning of the month local press said
Phillip Morris have withdrawn from Bulgaria's Bulgartabac tender.

Phillip Morris, Imperial Tobacco Group and British American Tobacco were the
three tobacco giants that declared interest in Bulgaria's most attractive
tobacco enterprises. They are grouped in two pools, namely Blagoevgrad BT
and Stara Zagora BT, from the first pool, and Sofia BT and Plovdiv BT.