on Jul 2nd, 2008The Competition Protection Commission approved the creation of Bulgarian Energy Holding.
The Commission for Protection of Competition stated the establishment of the Bulgarian Energy Holding aimed at participating in the capital and/or in the management of Bulgargas Holding EAD, NEK EAD (The National Electricity Company), AEZ Kozlodiu (the nuclear power plant), TEZ Maritza Iztok EAD and Mini Maritza Iztok EAD (the mining company), shall not be considered as concentration of commercial activity and shall be out of the scope of Article 21, para 1 of the Competition Protection Act.
In the notification to the Commission is specified that the companies shall remain independent after the establishment and the Bulgarian Energy Holding shall not perform independent production and commercial activity. Each one of the companies shall remain capable of deciding its own market behavior, independently shall develop and implement operative strategies for achieving the financial goal, fixed by the holding, shall remain its licenses and the subject of activity for the licensed companies shall continue to be independent from the other companies and from the holding.
After conducting the necessary analyze, the Commission determined that the notified transaction shall not be considered as concentration of commercial activity but represents internal restructuring of state-owned companies.
The Commission for Protection of Competition stated initial execution of its decision.