commiss decis februari aid award germani hibeg hibeg krupp gmbh bremer vulkan ag facilit sale krupp atla elektronik gmbh krupp gmbh bremer vulkan ag notifi document number german text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof notic accord articl interest parti submit comment regard comment letter date decemb germani notifi guarante freie hansestadt bremen land bremen commiss letter date januari request supplementari inform germani germani answer march receiv march commiss decid open procedur provid articl ec treati commun germani letter publish offici journal european commun april commiss neg decis decis eec declar incompat common market aid award hanseatisch industri beteiligungen gmbh hibeg hibeg krupp gmbh hereinaft krupp bremer vulkan ag hereinaft bv facilit sale krupp atla elektronik gmbh hereinaft kae krupp bv judgment octob join case germani commiss court justic european commun annul decis eec rule insuffici reason point bv share applic council direct eec decemb aid shipbuild amend direct ec seventh direct aid shipbuild distort competit effect intra commun trade alleg aid favour hibeg light court rule commiss oblig final decis order close procedur ii notif concern guarante freie hansestadt bremen land bremen support bui kae bv krupp germani complex plan involv transact combin effect sale kae bv order diversifi shipbuild bv bought share kae krupp price dem million paid cash newli issu share bv transact place agre octob gener meet sharehold bv decid increas share capit novemb freie hansestadt bremen land bremen guarante dem million credit cost interest hibeg public compani own land bremen novemb share swap krupp bv bv million bv share total bv dem million dem share krupp order acquir hold kae novemb krupp hibeg found gesellschaft bürgerlichen recht gbr decemb krupp hibeg bring agre hold gbr krupp contribut million bv share hibeg contribut dem million cash financ bank credit partli cover land guarante mention decemb basi agreement establish gbr gbr dem million advanc krupp hibeg irrevoc entitl sell bv share person minimum price dem share share sold reduc hold partner gbr effect reduct balanc ow advanc krupp repay credit brought hibeg februari earliest decemb latest gbr dissolv remain bv share transfer hibeg krupp hold balanc advanc hibeg option agre bank gave credit repai part credit sell bv share bank dem share end credit term mean bv acquir krupp share kae exchang million bv share framework gbr krupp exchang share hibeg krupp receiv dem million time transact bv share quot stock market dem share total million share dem million land bremen freie hansestadt bremen support hibeg guarante dem million differ agre purchas price share kae prevail share allow sale kae bv place germani letter march state guarante except modif fulfil requir bürgschaftsrichtlinien de land bremen approv commiss letter octob main amend letter mention ausfallbürgschaft defici guarante selbstschuldnerisch bürgschaft absolut guarante differ case creditor turn direct guarantor debtor debtor unabl pai iii assess commenc procedur pursuant articl commiss consid question aid involv aid involv receiv suppos aid posit question affirm averag share price bv share novemb decemb import transact place dem share price reflect lower effect share issu earli octob gener meet sharehold bv decid issu issu price share market price share order avoid failur issu commiss conclud dem share maximum share price ask open issu view confirm bank willing accept unsold share end credit term dem share obviou market price dem bv share determin commiss bv bought kae million share worth dem million dem million price kae hibeg wholli own land bremen regard public compani offer dem million exchang bv share land bremen offer guarante differ dem million dem million repres differ dem million total credit dem million share basi market price dem share commiss accept implic hibeg involv normal commerci practic germani argu quot price bv share averag dem share reach dem share june fell end consequ gener turn stock market caus gulf war commiss answer question aid involv fact basi market price dem share bv share worth dem million differ agre purchas price kae dem million dem million account commerci motiv explain total differ equal guarante regard aid time open procedur answer question recipi aid depend assess real commerci market price kae held kae worth dem million aid attribut krupp held price dem million kae justifi market price aid hibeg bv make bv acquir kae real market kae valu aid apport bv krupp germani refer bürgschaftsrichtlinien de land bremen ii commiss accept guarante fulfil requir approv guarante scheme form guarante selbstschuldnerisch ausfallbürgschaft conform approv scheme commiss agre basi fact normal relationship proce invest gbr fund need servic loan requir guarante scheme guarante scheme requir secur collater premium guarante deliveri annual paid requir basi inform met conform approv guarante scheme evid basi commiss letter sg sg germani notifi guarante grant enabl commiss investig pursuant articl ec treati background commiss decid initi articl procedur order commiss examin guarante freie hansestadt bremen land bremen dem million credit cost interest bank credit hibeg hibeg transact krupp gbr assess compat common market iv public notic open procedur parti concern submit comment bremer vulkan ag bremen fri krupp ag essen bv claim receiv aid refer point view german govern fri krupp ag opinion receiv aid kae dem million point acknowledg bv letter invit sharehold meet approv issu bv share subject scrutini independ consult account compani comment receiv parti concern transmit commiss germani letter date septemb give german govern opportun repli germani react open procedur letter date juli letter date octob react comment parti letter iv date novemb commiss request addit inform germani repli letter date januari content letter summaris german govern agre bv share dem share trade price end stock market german govern share price stock market reflect situat individu compani express gener nation intern econom develop issu price base actual share price stock market past futur develop expect german author assess bv share dem reason bank share dem share reflect fact bank give credit share offer secur credit bank need extra secur land bremen form guarante fact bank prepar bui share bv dem share end credit period basi rule bank estim bv share dem share answer commiss request submiss bank analys report point evalu german author answer suppli document access share price bv averag dem share reach dem june price fell consequ gulf war turn economi foreseen time deal synergi effect result integr kae bv big block share million share bv share attract investor individu share annual balanc sheet gbr approv independ account tax advis testifi dem million million bv share decis date valuat share juli date signatur memorandum understand memorandum effect approv parti supervisori organ provid increas bv capit million share krupp subscrib consider acquisit share krupp transfer bv hold kae parti agreement valu contribut dem million mean bv share valu dem question kae germani refer extens assess made independ account compani request krupp bv time transact mention account firm assess hold kae dem million guarante fulfil requir bürgschaftsrichtlinien de land bremen germani gave answer bürgschaftsrichtlini requir guarante principl grundsätzlich ausfal guarante mean selbstschuldnerisch guarante bürgschaftsrichtlini hibeg state own ausfal guarante insolv procedur inappropri econom point view question proce invest normal condit suffici servic loan germani answer depend valuat bv share refer respect argument mention secur premium requir bürgschaftsrichtlinien germani answer hibeg state own premium result intern transfer umbuchung notif grant guarante germani comment notif made decemb guarante effect credit agreement oper end decemb commiss request letter januari novemb inform ownership bv privat public germani gave answer hibeg own time deal share bv land bremen particip vi question answer final assess fact aid involv commiss answer line reason open procedur iii affirm averag share price bv share novemb decemb import transact place dem share dem novemb dem decemb commiss share price stock market reflect situat individu compani context gener nation intern trend central idea financi literatur capit market effici mean sharehold compani futur profit stream share price compani share regularli trade stock market case bv reflect present futur profit stream dividend capit market gener consid currenc market effici market high transpar rapid respons inform high number knowledg player stock market price repres genuin market evalu share reflect suppli demand equilibrium fulli public transpar environ issu price share market price share order avoid failur issu situat confus takeov bid common bid compani offer premium current share price impli stock market price dem issu price need dem share commiss conclud dem share maximum share price ask open commerci issu reason german govern share bv consider higher dem share accept transact dem share place grant guarante cover differ dem dem share germani unabl suppli analys report bank support high valuat fact share price averag dem account fact share price consist lower dem earli except period end earli end commiss accept decis date valuat share juli date signatur memorandum understand bv kae bind document count date bind agreement sign time bind transact incorpor market expect futur profit price share time transact relev real market share past simpli relev commiss accept valuat dem share justifi insid inform parti market respect synergi effect inconceiv effect cover gap dem dem market industri analyst larg investor knowledg quick acquir knowledg transmit market event insid inform synergi effect case assum hibeg order sell share dem made insid inform public wide rapid posit market reaction expect case signific synergi posit effect contrari true posteriori actual develop bv share price contradict argument advanc germani stock market price bv share fluctuat lower level dem septemb end decemb stock market quotat bv share constantli declin dem decemb price share fluctuat dem fell decemb dem price rise dem octob reach maximum dem januari hibeg state end februari sold bv share averag dem bv eventu liquid earli germani argument big block share attract investor singl share difficult accept give plausibl explan differ dem dem share born mind share issu run risk effect lower share price evid case krupp intent sell kae million share want cash reason land bremen call invest arm hibeg land citi bremen prepar bui million share dem million risk sell share repai dem million credit hibeg obtain approv balanc sheet gbr account tax advis note gener open balanc sheet establish account appli principl prudent valuat vorsichtsprinzip mean asset lowest level market establish stock exchang refer case bv share recent establish price differ stock market price account allow price account valuat account refer price dem million recent paid million bv share packag establish krupp bremer vulkan collabor bremen senat hibeg bank consortium talk term independ valuat account valuat mirror valuat parti involv obviou market price share time main transact dem determin commiss bv bought kae hibeg act interest bv pursu arrang krupp gbr ii risk cover guarante dem million credit cost interest dem million repres differ dem million total credit price kae dem million million bv share dem share commiss accept implic hibeg involv normal commerci practic previou case hibeg interven instrument land bremen support compani bv owner inquiri remain unknown commiss previou occas hibeg guarante issu bv share financ shipbuild activ bv guarante purchas share sold issu consid normal guarante constitut aid full amount differ guarante price stock market base real share assess commiss contest germani approv aid prevail aid ceil council direct eec januari aid shipbuild sixth direct aid shipbuild letter octob forego answer question aid involv procedur commenc calcul full amount cover guarante basi market price dem bv share million bv share worth dem million differ price kae dem million dem million account commerci motiv total differ equal total guarante view aid hibeg pai dem million bv share worth dem million cover guarante question recipi aid germani answer hold kae confirm hypothesi dem million establish negoti equal partner market reflect real market stake commiss consid confirm germani explan kae set dem million independ account firm mean final recipi aid bv total transact aid involv made bv acquir kae worth dem million cash exchang million bv share worth dem million arrang chosen aid hibeg subject conclus transact bv krupp form cash payment regard import note germani letter arrang seek achiev diversif bv bui kae krupp receiv cash payment direct hibeg agreement gbr bv effect improv financi posit cash contribut hibeg relat state guarante final aid recipi germani unwilling inabl suppli full inform ownership bv make imposs commiss discov present case hibeg sharehold land bremen compani sharehold suppli financ guarante fulfil requir bürgschaftsrichtlinien de land bremen freie hansestadt bremen germani answer accept commiss disput text bürgschaftsrichtlinien notifi commiss letter date juli selbstschuldnerisch bürgschaften ausfallbürgschaften articl bürgschaftsrichtlini die bürgschaften werden grundsätzlich gegenüb kreditinstituten im sinn von de gesetz über da kreditwesen al ausfallbürgschaften übernommen secur premium requir richtlini clear requir hibeg constitu deviat approv richtlinien fact secur premium requir hibeg constitu aid cost guarante weigh transact krupp hibeg guarante notifi accord commiss letter sg april sg octob grant germani oper commiss consid notifi aid assess provis seventh direct aid shipbuild bv annual report total share shipbuild bv result arguabl bv activ princip shipbuild fact bv shipyard aid bv necessarili examin seventh direct aid shipbuild depend bv activ aid aid award favour shipbuild activ argu seventh direct aid shipbuild appli case bv activ aid marin defenc electron similarli fact kae oper field marin defenc electron make shipbuild compani mean articl seventh direct aid shipbuild shipbuild build metal hull sea vessel commiss conclud acquisit kae bv scope seventh direct aid shipbuild vii germani fail notifi aid measur advanc pursuant articl ec treati germani notifi aid guarante krupp bv sold bought kae hibeg krupp found gbr germani notifi aid grant pursuant articl ec treati commiss unabl make view measur implement aid illeg commun law date grant viii time transact question kae merg bv subsidiari stn turn consortium led rheinmetal kae main activ field marin defenc electron echo sound techniqu signal data process competit commun produc field trade member state product involv yearli report ae kae chang ae acquisit bv kae achiev part turnov commun dem million turnov dem million deriv busi member state figur dem million dem million kae workforc profit period rang dem million dem million marin defenc electron sector kae oper number specialis market evid show intra commun trade exist inform summaris tabl gt tabl gt invit gener meet bv octob board made clear hope acquisit kae long term intern competit marin electron subsidiari stn enhanc bv board refer expect rapid realis synergi effect fusion kae stn aim acquisit stake kae improv competit posit bv marin defenc electron sector aid enabl bv strengthen posit sector bear full cost acquisit kae share bv group total turnov account electron system design forecast increas sector characteris strong competit data time acquisit compani defenc electron sector turnov excess ecu million aid germani grant bv hibeg affect trade member state distort competit marin defenc electron manufactur mean articl ec treati ix articl ec treati lai principl aid characterist incompat common market derog principl set articl ec treati appli case point natur object aid aid case social charact serv make good damag caus natur disast aid grant economi area feder republ germani affect divis germani except pursuant articl aid design promot econom develop area standard live abnorm low underemploy germani attempt justifi aid ground derog pursuant articl concern aid intend promot project common european interest remedi disturb german economi germani attempt justifi aid ground derog pursuant articl treati aid facilit develop econom activ econom area aid advers affect trade condit extent contrari common interest commiss examin aid sector region aspect respect import note aid bv invest aid bv bui exist compani kae creat product facil employ import refer part viii shown competit member state product involv sector aspect sector receiv invest import case concern electron sector kae oper commun sector justif aid regard advers affect trade condit extent contrari common interest aid give bv oper kae unjustifi advantag kae competitor market receiv aid germani attempt justifi aid ground region aspect bremen area elig assist nation level gemeinschaftsaufgab verbesserung der regionalen wirtschaftsstruktur commun level object area aid case requir grant part approv region scheme ad hoc invest aid addit bui exist compani part exist compani view invest elig aid previous mention gemeinschaftsaufgab employ creat germani suppli evid indic kae close sold bv aid justifi basi region ground pursuant articl ec treati germani notifi aid region aid attempt justifi region ground conclus aid grant freie hansestadt bremen land bremen bv hibeg compat common market grant illeg breach articl ec treati meet condit provid articl treati aid revok aid grant repaid accord judgment court justic case franc commiss boussac case adopt decis articl aid favour bremer vulkan ag total dem million grant context acquisit capit krupp atla elektronik gmbh hanseatisch industri beteiligungen gmbh unlaw grant breach procedur rule laid articl ec treati aid incompat common market purus articl treati meet condit exempt provid articl treati articl germani ensur aid dem million bremer vulkan ag refer articl fulli recov paid hanseatisch industri beteiligungen gmbh month notif decis germani recov amount aid refer articl accord procedur provis nation law relat interest arrear payabl state claim interest run date unlaw aid grant germani inform commiss month notif decis measur compli articl decis address feder republ germani brussel februari commiss karel van miert member commiss oj oj ecr oj oj oj ecr paragraph