Bulgaria’s competition regulator has moved to block the bid of the insurance and financial group Eurohold’s 4EH.BB to acquire the Bulgarian assets of Czech utility CEZ for a total consideration of EUR335 million (US$371.07 million).

The regulator launched an in-depth inquiry into the deal saying that it could hinder competition on the energy and the insurance markets in the Balkan country.

Eurohold controls significant share in the insurance guarantees market while some of CEZ’s Bulgarian companies are involved in active energy trade, which requires bank and insurance guarantees.

The decision can still be appealed to the court.