Bulgaria's Tobacco Monopoly Sale Consultant Gets Final Ok
Bulgaria's privatization agency has greenlighted the contract with Citigroup Global Markets Ltd., which was picked in February to advise the sell-off of the country's state-run tobacco producer Bulgartabac.
The final seal of approval was delayed after Raiffeisen Investment - Kamburov, which ranked second in the contest for consultant, appealed the decision only to withdraw its objections later.
Citigroup Global Markets Limited was picked in February outbidding three companies, including a tie-in between KBC Securities and Tokushev & Co, Raiffeisen investments- Kamburov and Renaissance Securities.
Citigroup Global Markets Limited represents the European investment banking arm of US-based financial services giant Citigroup. Its activities include underwriting equities and fixed-income products, equity research, and banking services for multinational corporations, middle-market enterprises, and small businesses.