site.btaInercom Bulgaria Appeals Antitrust Watchdog's Decision Barring It from Purchasing Electricity Distributor CEZ Bulgaria

Sofia, July 30 (BTA) - Inercom Bulgaria Monday petitioned the Supreme Administrative Court (SAC) against a decision of the Commission for Protection of Competition (CPC) which bars the company from acquiring CEZ's Bulgarian business, Inercom Bulgaria EAD reported Monday.

"We examined the document carefully and analysed the motives for the anti-monopoly body's negative decision in detail. We expect a speedy and fair decision by SAC," Inercom Bulgaria's Board of Directors Chair Milena Stoeva said, quoted by her company.

On July 19 the CPC barred Inercom Bulgaria EAD from gaining control of CEZ Bulgaria EAD, CEZ Distribution Bulgaria AD, CEZ Electro Bulgaria AD, CEZ Trade Bulgaria EAD, Free Energy Project Oreshets EAD and Bara Group EOOD.

The prospective deal between the Czech energy giant and the obscure Pazardjik-based Inercom caused major turmoil earlier in the year. The Government initially said it wanted to be part of the deal so as to secure smooth operation after the transition of ownership but then gave up the idea. In mid-March Parliament set up an ad hoc committee to look into the details of the intended purchase, including the source of the money the buyer would use, but failed to find out much more than was already known. At the end of the committee's term, its chair Zhelyu Boychev (Socialist) said it "remained unclear how a company of such [small] scale and volume of assets can acquire such a strategic business".

While the selling price of the assets has not been formally disclosed, media reports set it at 342.5 million euro.