commiss decis june measur germani respect kali und salz gmbh notifi document number german text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof notic interest parti submit comment accord aforement provis regard comment procedur juli germani inform commiss sale remain stake kali und salz gmbh kali und salz beteiligung ag own share commiss regist sale sharehold notifi aid measur nn march commiss decid initi formal investig procedur laid articl ec treati respect term sale commiss decis initi procedur publish offici journal european commun commiss gave notic interest parti submit comment commiss receiv comment interest parti forward germani letter date octob novemb germani repli submit letter date decemb receiv decemb letter date april commiss request germani submit contract sale remain stake kali und salz gmbh ii background undertak kali und salz gmbh set contract joint ventur west german compani kali und salz beteiligung ag east german mitteldeutsch kali aktiengesellschaft mdk kali und salz beteiligung ag subsidiari german chemic group basf share joint ventur treuhandanstalt tha sole sharehold mdk remain stake beteiligung manag gesellschaft berlin mbh januari bundesanstalt für vereinigungsbedingt sonderaufgaben bv legal successor tha octob kali und salz gmbh activ potash mine manufactur industri product potash rock salt potassium fertilis product product magnesium sulphat kieserit kali und salz gmbh emploi peopl annual product capac amount million tonn potash million tonn rock salt product site side east west border set joint ventur headquart move kassel hess plant locat thuringia saxoni anhalt hess lower saxoni aid kali und salz gmbh approv decis ec decemb commiss approv aid dem million connect set joint ventur kali und salz beteiligung ag mdk thing commiss approv compens tha loss dem million figur calcul basi expect neg cash flow period neg cash flow consider exceed origin project octob germani notifi increas loss compens paid bv rise approv dem million dem million rais total dem million commiss regist measur notifi aid measur letter date decemb commiss inform germani decis initi formal investig procedur laid articl ec treati regard notifi aid dem million germani propos grant kali und salz gmbh letter receiv juli germani inform commiss bv succeed sell hold joint ventur complet privatis kali und salz beteiligung ag partner major sharehold joint ventur agre stake price dem million letter germani inform commiss addit dem million disburs withdrew notif aid commiss close procedur sale remain share contract set joint ventur parti propos dispos sharehold share offer parti kali und salz beteiligung ag refus remain share share offer parti price lower bid kali und salz beteiligung ag share offer kali und salz beteiligung ag step order inform potenti interest investor german author publish notic newspap specialis public announc intent sell remain invest bank goldman sach ask identifi potenti purchas compani oper industri contact germani potenti investor show interest withdrew immedi inform bui minor stake discourag price ask bv germani made offer result bv enter negoti kali und salz beteiligung ag outset german author advis goldman sach request price dem million kali und salz beteiligung ag bid kali und salz beteiligung ag valuat base price offer canadian compani kali und salz beteiligung ag origin stake kali und salz gmbh posit proceed assumpt state compens accumul neg cash flow dem million record kali und salz gmbh period line approv commiss kali und salz beteiligung ag valuat explicitli refer uncertain prospect potash market foreign exchang risk specif mine risk goldman sach valuat give factor weight dai negoti formal conclud german competitor kali und salz gmbh group interest take share germani state inform provid research compani group lack financi resourc transact research establish group financi hold compani staff class higher risk group payment score credit rate basi object inform bv conclud group suitabl candid bv kali und salz beteiligung ag final agre price dem million kali und salz beteiligung ag agre bv reduc compens loss dem million dem million origin approv commiss commiss initi formal investig procedur respect dispos remain share order ensur price correspond fair share addit aid compon sale hold outcom open bid procedur commiss doubt dem million fair price interest parti fair chanc make offer secur share iii comment interest parti commiss receiv comment unit kingdom perman represent european union brussel european fertilis import associ intern fertilis produc made refer exclus potenti purchas altern bid share provid evid aid element sale iv comment germani respons initi formal investig procedur comment interest parti receiv commiss germani state sale receiv public goldman sach nation local newspap specialis public germani number firm oper relev market small effort sell hold industri price paid germani point offer dem million made share held kali und salz beteiligung ag consid market indic price minor sharehold addit purchas price kali und salz beteiligung ag forgo dem million dem million approv commiss reduc compens paid bv dem million includ interest assess line establish case law commiss polici commiss consid price paid public sharehold state aid compon hold sold open uncondit discriminatori bid member state wish dispos public sharehold oblig follow procedur absenc procedur price compris element state aid commiss verifi price repres fair present case price final obtain outcom procedur german author cooper advis contact potenti interest purchas subsequ enter intens negoti kali und salz beteiligung ag own share final agreement kali und salz beteiligung ag pai dem million agre bv reduc compens pai loss dem million term save state interest amount dem million gener loss compens dem million outstand point legal enforc begin meant bv secur addit financi advantag total dem million sell price bv ultim obtain net price dem million remain stake german author advis conclud bid put forward kali und salz beteiligung ag advantag offer obtain time stress final inform potenti investor arbitrarili exclud sale made offer sharehold negoti interest parti act econom interest place market principl formal investig proceed commiss made detail assess negoti final term sale conclud evid aid adopt decis articl sale germani kali und salz beteiligung ag residu hold kali und salz gmbh constitut aid mean articl treati articl decis address feder republ germani brussel june commiss mario monti member commiss oj footnot oj oj busi secret canadian firm sought bui kali und salz beteiligung ag basf german merger author prohibit takeov