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4EH - EuroHold Bulgaria AD News Story

BGN1.61 0.1  4.5%

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Sector
Financials
Size
Small Cap
Market Cap £136.3m
Enterprise Value £134.2m
Revenue £705.7m
Position in Universe 171st / 636

Bulgarian regulator re-opens inquiry into CEZ's Bulgarian assets sale

Mon 31st August, 2020 11:17am
SOFIA, Aug 31 (Reuters) - Bulgaria's competition regulator
has re-opened an in-depth inquiry into Czech utility CEZ's
 CEZP.PR  planned 335 million euro ($399 million) sale of its
Bulgarian assets to insurance and financial group Eurohold
 4EH.BB , it said on Monday.
    The Commission for Protection of Competition's move comes
after a Bulgarian court last month revoked its earlier ban on
the deal citing procedural breaches.  urn:newsml:reuters.com:*:nL5N279762    
    The regulator, which banned the sale last October saying it
would hinder competition in the Balkan country, will now give
interested parties 30 days to file their positions on the
planned acquisition, it said in a statement. 
    Last June Eurohold agreed a deal with CEZ to acquire a power
distributor providing electricity to more than 2 million people,
along other energy assets.
    In October, the regulator argued that the deal would give
the new group a serious competitive advantage both on the energy
and the insurance markets in Bulgaria and blocked it. 
    Eurohold challenged the ruling in court, while CEZ said at
the time that Bulgaria was putting up obstacles to the sale.
    The Bulgarian financial regulator had also looked into
Eurohold's books in April 2019 to see if the company's financial
situation and capacity allowed for the planned acquisition.
    That inquiry was mentioned in a leaked audio file and
published by some Bulgarian media where a voice similar to that
of Prime Minister Boyko Borissov boasts about ordering it.
Borissov has said the file was doctored and prosecutors have
launched a probe into the audio file.  urn:newsml:reuters.com:*:nL8N2DU625      
    ($1 = 0.8394 euros)

 (Reporting by Tsvetelia Tsolova; editing by Jason Neely)
 ((tsvetelia.tsolova@thomsonreuters.com; +359-2-93-99-731;))
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