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Phillip Morris withdraws tender to sell Bulgartabac

Tobacco giant Phillip Morris has withdrawn from the tender to sell Bulgaria's Bulgartabac company, according to Sofia press reports on October 8.

The US company did not sent representatives to conduct due intelligence of Bulgartabac factories, although the term was extended until October 29, Bulgaria's Pari daily reported.

The newspaper cited sources inside Phillip Morris as saying that the holding is not participating in current talks.

The other candidates for Bulgartabac are Imperial Tobacco Group and British American Tobacco.

(NewsBase 11.x.04)

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