ECONOMY

PPC in Bulgarian bid?

Power utility PPC said yesterday it had not yet submitted a binding bid in a tender for 67 percent stakes in Bulgarian power distributors, while there was still enough time for it to mull over a potential offer. Bulgaria’s privatization agency extended the deadline for final bids in the sale of its seven power distributors until July 9. «There is a lot of time left until the deadline… we have done the preparatory work of course, but this does not mean we have decided whether we will bid or not,» PPC Chief Financial Officer Grigoris Anastasiadis told Reuters. PPC was one of five foreign companies that placed non-binding bids for the majority stakes, which are being sold in three packages. Italy’s Enel, Germany’s E. ON, Czech firm CEZ and Austria’s EVN are also expected to put in formal bids. (Reuters)