Банкеръ Weekly



Nine companies bought tender documents for acquisition of a package that includes 75% stakes in eight subsidiaries of Terem EAD. The deadline for acquiring the documents expired on December 13.The British BAE Systems Avionics Limited, the German FR. Lurssen Werft, the Italian Fincantieri SpA and Finmeccanica Societa per Azioni, Lurssen Bulgaria Partners, the Sofia-based Millennium Industry, Electron Progress, and Strategic Defence Systems, as well as the Varna Sea Technical Group, are the applicants. The privatisation procedure will be open for candidates who have signed confidentiality agreements and meet a few preliminary requirements set by the Privatisation Agency (PA). The Terem plants will only be sold to companies that are occupied with the same or similar activities and have experience in the production or repair of military equipment. The financial requirements to the applicants are not ignored, either. Participants in the competition must have operating revenues exceeding EUR50MN for the past two years. Besides, they have to possess an industrial safety certificate in accordance with the Protection of the Classified Information Act. Applicants who meet these requirements will be allowed to buy information memoranda by December 27 and will be certified for registration. The certificate will allow them to submit preliminary offers by January 6. Revenues from the sale of the majority stakes in each of the companies will be transferred to an account of Terem.Among the candidates who showed preliminary interest but did not buy documentation are the US Lockheed Martin and the Israeli Elbit Systems.Terem is included in the privatisation prohibitive list. That is why its subsidiaries and not the holding as a whole are offered for sale.

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