November 12, 2019 / 3:34 PM / 3 months ago

Eurohold appeals ban to acquire CEZ's Bulgarian assets

SOFIA (Reuters) - Insurance and financial group Eurohold 4EH.BB said on Tuesday that it has appealed the Bulgarian competition regulator’s decision to block its acquisition of the Bulgarian assets of Czech utility CEZ (CEZP.PR).

Eurohold said in a statement it has filed the appeal in the Sofia Administrative Court, adding it “keeps its interest in the acquisitions of companies in the energy sector as it sees potential for diversification of its portfolio”.

Bulgaria’s regulator blocked the 335 million-euro ($369.17 million) deal last month, saying it could hinder competition in the electricity and insurance markets in Bulgaria.

CEZ also said it has appealed the Balkan country’s regulator’s decision to block the deal.

Reporting by Angel Krasimirov, editing by Ed Osmond

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