BULGARIA EXTENDS DZI BID DEADLINE TO JANUARY 15

Bulgaria’s privatisation agency has for the second time extended the deadline for bids for DZI, the largest state-owned insurer, this time to January 15 from December 11. The official reason given was the same as for the first extension — “to give bidders more time to study the information documents”. However, local newspaper reports quoted an unnamed government official as saying that the delay was due to an imminent reshuffle of the privatisation agency’s governing bodies. The agency has put between 51% and 67% of DZI up for sale, without setting a minimum acceptable price. DZI, which had a 62% market share in Bulgaria last year, has claimed that a value of $35m placed on it by an independent consultant is too low.