commiss decis juli aid grant franc connect recapitalis transfer asset société de banqu occidental sdbo notifi document number french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof parti concern opportun submit comment accord abovement articl articl procedur letter date octob commiss notifi french author decis septemb initi articl procedur respect aid grant société de banqu occidental sdbo crédit lyonnai cl connect transfer part sdbo consortium de réalis cdr banqu de échang internationaux bdei cl subsidiari cdr hive vehicl set cl restructur plan cl perform asset includ sdbo resal healthi part sdbo cl agre begin place june retroact effect januari commiss learn letter cl date august sdbo asset question final transfer banqu de il de franc cl subsidiari transact part crédit lyonnai restructur plan commiss examin approv subject condit decis ec juli give condit approv aid grant franc bank crédit lyonnai decis ec stipul decis ec healthi part bank subsidiari hive cdr sold parti return cl decemb activ bank organis retain cdr date part procedur initi septemb inform amount capit inject sdbo asset sold cdr cl submit french author commiss inform substanti modifi assess state aid contain measur question commiss decid april extend procedur initi septemb pursuant articl treati ii descript measur cover ptrocedur background transact sdbo set merger medium size bank subsidiari cl time tranfer cl hive structur cdr part rescu plan cl sdbo carri convent bank busi clientel small medium size enterpris offer rang commerci bank servic market product asset manag financi engin product larg proport clientel involv commerci court busi properti strong commerci presenc respect estat agent art market goodwil financ hotel cater trade sdbo activ grew rapidli chiefli result sharp increas lend properti market total frf billion end total balanc sheet frf billion unreason concentr risk sector experi mid special begin slide properti market began dramat effect busi declin difficult econom climat gener result sdbo make provis default larg proport lend penalis inadequ risk control concentr risk major client prove unabl meet oblig immopar tapi group crisi creat consider oper loss frf million frf million frf million sdbo withdrew properti activ transfer properti asset cl properti hive oig omnium immobili de gestion sdbo pare basic bank servic implement social plan cut workforc employe transfer cdr hive cl asset inform commiss french author sdbo transfer cdr includ frf million secur frf million loan repres contribut hive amount total asset frf million sdbo financi posit worsen experienc spectacular drop busi ow reduct custom deposit frf billion end frf billion end client fund fell frf billion frf billion bank total balanc sheet slash frf billion frf billion frf billion condit bank oper continu ow trend commerci activ gener consider loss net receipt bank deficit year settl minu frf million mark result loss fund complet exhaust result ad recapitalis sdbo capit fallen frf million meant recapitalis cdr potenti buyer bank licenc withdrawn solvenc ratio legal minimum wound tabl sdbo princip financi indic gt tabl gt sourc sdbo manag report end cdr defin entiti sold quot sound quot bank entrust valuat sale compagni financièr edmond de rothschild cfer novemb cfer produc document assess sdbo set commerci recoveri plan entiti quot sound quot bank valuat account method type analysi firm revalu net asset method stock exchang comparison method quot quot discount cash flow method method provid wide rang valu healthi part sdbo rang minu frf million flow method minu frf million stock exchang comparison method frf million revalu net asset method averag healthi part sdbo basi method minu frf million document state recapitalis healthi part sdbo valu frf million paid purchas quot sound quot bank document januari french bank select potenti acquir quot sound quot bank cl transact cl place final arrang fulli defin februari sign cdr cl agreement transfer complet branch sdbo agreement stipul partial transfer includ asset liabil perform balanc sheet commit plant extend supplementari agreement march sdbo bdei banqu de échang internationaux cl subsidiari includ asset transfer agreement agreement stipul sdbo cdr term refer lose bank licenc sale bdei frf million packag asset liabil need bank busi enhanc potenti packag transfer backdat januari agreement confirm sdbo extraordinari sharehold meet june ii reason initi articl procedur septemb time commiss view measur connect transfer part sdbo cl aid condit attach sale sdbo ii capit inject cdr sale healthi part sdbo cl iii price paid cl regain healthi part sdbo frf million iv payment made cl cdr form prefer share term healthi part sdbo sold cl cdr sight compli normal rule imparti expect cdr put uncondit competit tender bank invit earli express interest french cfer act agent cdr contact preselect potenti buyer basi buyer inject suffici capit restor fund requisit level cover forecast requir amount estim frf million cdr receiv bid cl banqu delubac select cover limit number asset point commiss init articl procedur cdr final decid recapitalis part transfer sdbo sale cl minut recapitalis expens vendor notifi bank origin contact opportun make offer basi posit commiss view notic initi procedur recapitalis cdr dispos part sdbo notifi liabl consider proport state aid point liquid cost necessarili higher french author believ cost recapitalis dispos war proven recapitalis proport absolut minimum requir thirdli notic septemb commiss view basi data submit earlier french author price sale cl frf million averag healthi part sdbo defin bank advis cdr frf million inject frf million origin plan reveal loss incur cdr sell price aid cl fourthli commiss view initi procedur cl prefer share pai acquisit element state aid infring decis ec iii comment interest parti commiss receiv set comment public procedur offici journal european commun unit kingdom submit comment letter decemb stress import attach state aid approv commiss cl restructur plan grant full final settlement société générale bank select cdr recommend advisori bank view purchas healthi part sdbo inform commiss letter decemb agre analysi set commiss notic sale procedur adopt cdr société générale contact begin bank advis cdr basi recapitalis expens buyer transfer part sdbo société générale consid cost acquir relev branch sdbo consist frf million revalu net asset healthi part bank cost recapitalis frf million give total cost frf million société générale state basi declin invit tender inform cdr decis recapitalis relev part sdbo prior sale subsequ learn press alter term cl acquir healthi part sdbo société générale consid crédit lyonnai benefit aid ii extens present procedur april commiss receiv letter date august cl point transact revers order sale neg price preced recapitalis buyer expens cl financi consequ cl cdr commiss neg decis end procedur cl consid liabl repay aid calcul commiss believ paid fair price healthi part sdbo iv comment french author letter date novemb french author present comment defenc measur concern articl procedur enlarg comment letter date januari letter question result commiss extend procedur french author addit comment extend procedur letter date june transfer healthi part sdbo repli commiss notic initi present procedur author state letter novemb small number bank contact bank advis cdr due limit acquisit french european bank establish stress sale quickli order offset eros bank imag due disput loan justifi simplifi procedur adopt letter date januari author consid fact calcul bank advis cdr neg necessit order sale place prior recapitalis vendor irrespect buyer capit inject buyer sell price neg entail payment healthi part sdbo vendor purchas french author transact involv materi difficulti ad letter june preliminari tender specif show asset transfer neg recapitalis attach letter cfer show tight deadlin impos transact view crisi oper sdbo meant bank origin approach contact telephon cfer state question recapitalis buyer simpli work hypothesi bargain busi sold neg french author cdr reject bid banqu delubac submit bank contact cover asset activ sdbo leav high restructur cost cdr ii recapitalis recapitalis healthi part sdbo french author estim frf million begin comparison initi estim frf million present bank question januari year increas due alloc frf million fund gener bank risk order consolid solvenc ratio frf million fund frf million increas volum asset sold recapitalis made end lower frf million french author explain fact advisori bank cfer reassess asset basi revis estim made begin iii valuat sdbo asset sold sell price letter novemb januari french author comment healthi part sdbo sold cl view method estim healthi part sdbo discount cash flow stock exchang comparison revalu net asset proper prefer discount cash flow method produc neg initi estim minu frf million support view point concern potenti buyer prevent purchas advers repercuss profit prompt french author disregard estim revalu net asset carri bank advis cdr arriv higher frf million recapitalis valuat made advisori bank document submit potenti purchas calcul averag valu arriv method produc estim neg minu frf million recapitalis french author inform commiss transfer part sdbo revis begin bank advis cdr net receipt bank revis frf million ident correct net receipt bank made forecast year discount cash flow method result averag neg net recapitalis minu frf million minu frf million set previou cfer refer document take account factor part sdbo sold capit inject frf million amount french author frf million cl purchas busi frf million french author conclud commiss decis septemb initi procedur cl benefit state aid form valuat price obtain cdr transfer contrari produc extra relat real asset sold cl commiss question french author notic april extend present procedur differ frf million recapitalis price frf million paid crédit lyonnai french author repli letter june differ due final adjust volum asset sold valuat method cfer refer valu valu busi rang minu frf million minu frf million recapitalis rang recapitalis frf million frf million attach letter cfer explain depend provis rate outstand volum sdbo asset variat alter frf million author conclud basi ground price frf million unusu iv term payment french author made point cl prefer share mena payment transact question prefer share secur vote right compar share cdr cl sharehold maintain separ cl hive vehicl french author cl prefer share transact stock exchang regul negoti cl entitl carri price adjust oper account cl prefer share transfer stock exchang price dai contribut made june french author point commiss letter novemb june octob cdr sell cl prefer share stock exchang satisfactori condit total frf million end result share transact result gain cdr frf million liquid cost letter novemb french author repeat argument cost wind sdbo estim cdr frf million exceed net cost transact born cdr frf million cost recapitalis frf million minu product sale frf million french author point cdr estim liquid cost base estim bank advis cdr cost total frf million cdr ad frf million chiefli cover social cost consid amount account cfer insuffici letter june french author present fresh argument liquid cost cdr born author consid annex protocol agreement april cl cdr provid compens cdr compani cl group incur futur cost consequ civil administr arbitr ongo procedur relat asset liabil commit guarante cdr defin annex french author inform commiss opinion lawyer social plan negoti sdbo cover word quot ongo procedur quot fact plan specif refer annex question alter view term defin annex refer cdr liabil asset french author lawyer refer recent court appeal cour de cassat case law stipul redund econom ground preced effort part employ find employ group firm belong fail redund void french author conclud justifi ground includ social cost estim frf million liquid cost born cdr letter june revis previou estim total liquid cost born cdr arriv figur frf million view forego french author view sale part sdbo cl constitut state aid assess aid distort trade member state competit financi establish commun grow result econom monetari union creation singl currenc trade commun develop incur risk exchang cost heighten distort competit limit member state domest market commiss point notic initi procedur aid design credit institut surviv lower level profit capac meet competit challeng aid sdbo liabl distort competit commun make difficult foreign bank enter domest bank market case aid question explicitli establish foreign bank contact connect dispos sdbo express interest keep uncompetit french busi aliv mean measur question financi institut commun countri depriv opportun expand export financi servic franc reach clientel sdbo branch sold decid recapitalis part busi wind sdbo bank commun countri opportun acquir asset sounder asset sold cl put market event liquid conclud measur question aid caught articl treati constitut state aid distort competit extent liabl affect trade member state ii transfer procedur adopt healthi part sdbo commiss set posit privatis transact competit report list case transact regard aid notif requir ow presumpt aid case list notic septemb initi procedur principl provid state aid notifi uncondit competit tender held take place discriminatori transpar condit compani sold highest bidder bidder time inform carri proper valuat asset basi bid hand commiss consid sale notifi advanc accord articl treati state aid take place negoti singl prospect purchas number select bidder event aid purchas price market price valu iii preced write debt state public enterpris public bodi case aid grant firm receiv capit inject preced convers debt equiti capit increas case aid grant firm receiv capit inject iii iv take place condit customari compar transact investor market economi transact fail respect follow principl outlin exempt notif subject uncondit transpar discriminatori competit tender preced capit increas commiss consid fundament respect sale healthi part sdbo satisfi transpar imparti list bank contact januari bank advis cdr limit french institut french author justifi ground limit acquisit french european bank establish urgenc view deterior imag sdbo commiss justif prefer french bank commun bank vendor place potenti buyer order decid advanc acquisit interest consult larger number bank includ bank franc check posteriori accuraci french author claim procedur extrem sale type cfer letter pre select bank januari impos strict deadlin januari express interest januari cfer write cdr inform satisfactori offer healthi part sdbo reason doubt bank approach opportun examin file satisfactori condit sale agreement cl sign februari commiss note actual sale june approv transact extraordinari gener meet evid approach larger number bank view durat valuat transfer procedur significantli prolong proceed injur sdbo precipit natur procedur januari satisfactorili justifi french author refer import adequ knowledg french busi market ow size sdbo law court depart sme financ depart bank specialis area commun countri contribut express interest acquir quot sound quot bank asset sdbo expand activ franc basic inform valuat busi recapitalis sdbo branch sold modifi transfer procedur cl benefit inform bank inform cdr revis estim made advisori bank begin healthi part sdbo transfer oblig recapitalis firm buyer vendor chang volum asset sold author fine decis cdr increas recapitalis frf million frf million confirm comment receiv société générale bank opportun modifi assess make offer basi inform letter januari june french author deni bank approach basi recapitalis expens buyer consid tha société générale claim invit tender made offer requir provid capit commiss check point assess report prepar bank advis cdr serv basic document invit tender bank question chapter quot valuat framework quot report state valuat healthi part sdbo refer sound bank base transfer cdr establish respons recapitalis valuat account fact capitalis establish becarri beneficiari clear document bank approach consult basi recapitalis expens buyer commiss claim cfer french author letter june recapitalis buyer work hypothesi commiss concern desir recapitalis relev part sdbo transfer case neg price case transact notifi articl treati involv transfer cdr resourc hand method chosen vendor procedur factor alter estim volum sdbo asset middl transfer procedur introduc inequ cl potenti buyer chang initi data suppli potenti buyer rise invit tender procedur guarante transfer healthi part sdbo condit imparti transpar basi abovement criteria commiss apli case privatis transact notifi includ aid view procedur adopt iii measur cover procedur recapitalis recapitalis measur question concern quot healthi quot part sdbo quot sound quot bank perform asset legal entiti sdbo remain properti cdr recapitalis sale quot sound quot bank capit inject extra cost born state provid restructur plan cl approv commiss decis juli french author point recapitalis chiefli intend make good neg quot sound quot bank avoid sale neg price loss incur cdr transact relat book sdbo contribut cdr respect provis loss transfer made cdr includ commiss calcul estim aid upper rang cl authoris decis cl aid question confirm transact compris aid differ natur amount aid cl authoris commiss aid buyer term price sale notic septemb initi procedur commiss consid view transfer procedur adopt firm estim time author presumpt aid buyer cl assum price paid asset lower extens procedur april matter stand absenc altern offer bank approach januari bank advis cdr transfer agreement sign februari cdr credit lyonnai acquisit healthi asset sdbo price frf million differ refer fix author minu frf million recapitalis healthi part sdbo commiss unabl ow differ procedur conclud sell price agre parti market price commiss note inform french author letter novemb revalu healthi part sdbo carri begin base correct bank advis cdr expect result achiev sdbo branch sold bank obtain basi discount incom flow neg frf million commiss note valuat method prefer french author contradict origin present transact base weight averag valuat obtain method inadequaci transfer procedur adopt commiss prepar accept french author argument discount cash flow method method valu asset sold commiss gener take view standard method prefer transact kind valu firm concern view long term prospect aim buyer bank advis cdr drawn attent letter date februari downward revis expect result repercuss revis forecast subsequ year stress impact compani determin discount cash flow method basi commiss accept estim present french author neg sdbo asset sold minu frf million recapitalis cdr decis recapitalis healthi part sdbo expens tune frf million part sold recapitalis frf million french author note letter commiss novemb basi estim asset accept french author view sell price frf million commiss conclud transact involv aid buyer point price healthi part sdbo frf million sold cl unusu unjustifi exceed asset frf million valuat french author endeavour justifi price letter june ground minut adjust volum asset sold wide rang valuat bank rang frf million frf million depend valuat method cfer stock exchang comparison revalu net asset discount cash flow method provid data cfer volatil estim relat provis loan quot sound quot bank commiss note highli contradictori french author letter novemb bank fact defin sole basi flow method give frf million recapitalis result commiss extend procedur account chang valuat method sell price assess basi rang compris method impos addit cost extra cl produc improp transfer cl cdr transact run counter object cl restructur plan price higher asset constitut state aid beneficiari extra cdr hold compani creat wind cl bad asset firm competit iv presenc state aid recapitalis commiss point notic initi procedur recapitalis question state aid pursuant articl treati recapitalis repres consider invest cdr notifi commiss author carri cdr public undertak set state part plan rescu cl control public author resourc state resourc mean articl treati inject fund cdr subsidiari constitut state aid normal market condit privat investor carri similar oper confirm notifi measur type constitut state aid unlaw commiss determin aid regard compat treati french author back claim measur constitut state aid inform return capit invest similar circumst privat investor prepar recapitalis firm contrari aid essenti grant repay basi cdr recoup small fraction capit inject sell price except banqu delubac submit bid reject cdr cover suffici number asset fact bank contact declin invit acquir quot healthi quot part sdbo basi volum asset defin vendor recapitalis buyer expens lend credenc argument privat investor invest capit forecast correct begin bank advis cdr firm incur loss estim discount cash flow method neg frf million commiss note argument put forward french author letter novemb transfer asset firm wound cdr incur cost frf million million recapitalis frf million sale frf million result net cost frf million letter june french author estim frf million total cost wind transfer asset sdbo includ liquid cost loan outstand frf million social cost frf million conclud basi cdr act prudent sharehold recapitalis measur question constitut aid commiss agre liquid cost refer french author chargeabl sharehold estim liquid cost born sharehold base assumpt cdr own sdbo requir make good liabil event liquid liabl liquid charg social cost similar preced commiss court justic european commun consist reject argument cost chargeabl sharehold ground sharehold liabil relat contribut firm capit liquid debt fact state public entiti cdr take part liquid debt due statu sharehold addit oblig consid form aid calcul liquid cost commiss account cost chargeabl sharehold state amount contribut firm capit commiss examin provis law januari compani rehabilit liquid law invok establish sharehold liabil liquid debt articl law event manag contribut shortfal liquid asset ipso jure de facto manag liabl firm debt note connect cdr specif instanc regard ipso jure de facto manag role sdbo transfer cl hive vehicl manag error root inadequ liquid asset sdbo error due decis preced hive sdbo time sdbo regard poor qualiti asset cl justifi hive error error commit ipso jure de facto manag identifi effect quantifi manag liabl debt firm liquid debt limit financi consequ due manag error french author present procedur produc evid cdr equival ipso jure de facto manag sdbo hive cdr commit error manag justifi requir make good part liquid debt sdbo letter june french author point annex protocol april cl cdr cdr compens cl compani futur cost consequ civil administr arbitr ongo proceed connect asset liabil commit guarante cdr defin annex author conclud event liquid ow cessat activ form basi social plan negoti sdbo hive cdr born cost compens workforc termin social plan commiss note annex refer transfer asset social commit event french author refer liquid protocol drawn ongo proceed commiss agre french author point view lawyer contain letter effect social cost liquid born cdr protocol agreement cl cdr support argument cdr bear part social cost wind sdbo french author refer letter june recent judgment french court appeal cour de cassat state redund econom reason preced search employ group employ belong fail redund procedur void oblig question relat search result extent cdr quot group quot sdbo belong task sell liquid poor qualiti asset hive regard mix activ hive common bank activ sdbo sdbo liquid signific chanc emploi sdbo staff firm hive cdr lastli french author draw arguabl parallel oblig employ sdbo sharehold cdr abovement case law court appeal present author legal repres redund procedur initi employ sdbo null void circumst failur seek altern employ group impos requir compensatori payment employ sharehold cdr commiss assess real cost liquid asset transfer sdbo estim present french author debt liquid cost appar total frf million claim part debt liquid cost chargeabl sharehold cdr abovement law compani rehabilit liquid prove reject commiss commiss accept estim liquid cost born sharehold present french author appar cdr chose costli option decid recapitalis sell sdbo condit secondari basi case result manag error cdr ipso facto de facto manag commiss note provis law enabl french state claim exempt articl treati flout principl law argument base fault result privat investor basi forego carri recapitalis liabl affect intra commun trade constitut measur aid mean articl treati state commiss notic initi procedur compat measur common market examin pursuant articl treati basi restructur plan demonstr firm viabl assess compat aid grant form capit inject court justic european commun consist held aid assess basi effect present case effect measur concern born cdr assess standpoint quot sound quot bank assess compat aid question commiss gener principl contain guidelin rescu restructur aid set condit aid regard compat treati measur constitut rescu aid mean guidelin temporari pend restructur measur compat treati determin examin regard restructur aid satisfi condit applic restructur aid restructur plan restor viabil enterpris order compat treati measur distort competit contrari common interest aid proport cost benefit restructur plan implement full author present commiss restructur plan sdbo asset imposs manag yield satisfactori rate return cdr undertook restructur measur aim isol resel cl part sdbo regard healthi quot sound quot bank perform asset continu held legal entiti sdbo cdr measur undertaken support cfer summaris document date novemb subsequ subject consult januari bank approach regard acquisit quot sound quot bank incorpor commerci plan aim improv posit entiti sold measur question withdraw properti busi commenc year sdbo properti asset hive cl properti vehicl omnium immobili de gestion subsequ integr cdr frf billion debt refocus bank activ legal profess commerci bank servic sme financi engin asset manag parti market activ social plan june end august involv substanti reduct workforc employe improv audit procedur includ set intern audit team reinforc manag control intern reorganis bank basi main depart respons oper matter law court depart commerci depart privat manag merchant bank product logist commiss note measur oper withdraw properti market regard constitut time capit increas quarter restructur plan enabl fresh aid regard compat common market regroup reorganis measur commerci plan approv design place quot sound quot bank healthi foot commerci plan intend stabilis turnov rate steadili declin preced year aim ensur busi remain strict equilibrium hypothet result depend amount capit subsequ inject transfer branch sdbo figur forecast drawn end initi estim cfer frf million recapitalis bank advis cdr effect produc net oper result frf million result frf million forecast realis envisag viabil healthi part sdbo return capit insuffici attract risk capit firm result close equilibrium vulner unforeseen hazard oper result higher frf million capit inject frf million figur propos time produc basi forecast made end correct net result frf million repres low rate return tabl project commerci plan drawn end gt tabl gt sourc cfer figur tabl provision forecast drawn end irrelev transfer place inform provid french author letter novemb begin bank advis cdr correct estim expect result sdbo frf million appli similar neg correct subsequ year basi correct quot sound quot bank incur loss result discount cash flow method advisori bank produc neg estim compani result end transact recapitalis entiti regard viabl requir abovement guidelin aid regard compat satisfi commerci recoveri plan contain cfer document submit french author commiss accept establish transact question firm viabl aid grant asset sold intend accompani plan capabl restor viabil regard restructur aid de facto oper aid plan satisfi requir guidelin distort competit extent affect intra commun trade section recapitalis compris element state aid pursuant articl treati notifi unlaw view fact establish commiss notic initi procedur compat treati assess pursuant articl treati basi restructur plan demonstr viabil firm conclud view forego recapitalis healthi part sdbo constitut aid incompat common market unlaw implement notifi vi mode payment buyer take note inform suppli french author outlin section iv commiss consid payment form cl prefer share payment cash sdbo inappropri transact payment form list secur volatil give rise aid state sell asset exchang buyer secur fact cdr held cl secur temporarili contrari strict separ hive vehicl cl pursuant decis eec declin cl reflect prefer share held cdr commiss inform factor offset risk incur cdr connect method payment highli complet transact privat sharehold agre sell asset exchang volatil secur consider risk incur loss poor result bank produc safeguard measur notifi commiss septemb risk avoid view volatil prefer share rate fell decemb june commiss analys transact basi condit date transact basi post gain made cdr secur consid privat oper view volatil secur cl prefer share fallen month preced transact demand discount stock exchang rate order account risk consid transact rise aid respect discount privat investor requir difficult assess amount aid view extra frf million cl paid quot sound quot bank amount transact commiss consid element aid cl exce extra question includ calcul aid cover decis vi conclus conclud procedur initi septemb extend april recapitalis transfer part sdbo cl commiss reach conclus procedur transfer healthi part sdbo fail appli equal treatment desir hand pre select potenti buyer cl place open uncondit invit tender notifi commiss criteria defin competit report bank commun countri submit bid distort competit commun extent liabl affect trade member state price paid transfer healthi asset sdbo frf million excess purchas price detriment cl frf million extra paid cl view sell price extra paid cl commiss conclud transact involv state aid purchas case state procedur initi sell price low relat real asset sold recapitalis sdbo asset sold cl increas cdr loss caus hive mechan exce cost approv commiss decis ec ec cl addit loss born hive chargeabl cl provis asset depreci occur transfer cl asset subsequ hive loss hive oper manag decis cdr respons transfer asset question cl cdr note cdr continu wholli own cl consolid involv manag supervisori bodi cdr natur aid recipi aid cl result recapitalis sdbo measur intend assist quot sound quot bank sold immedi transact cl part hive oper recapitalis frf million prior dispos healthi part sdbo neg wound cost sharehold constitut state aid recapitalis entiti privat investor invest capit similar circumst recapitalis notifi commiss unlaw accompani restructur plan demonstr viabil firm result exempt provid articl treati state notic initi procedur exempt circumst applic aid question compat treati term payment sale healthi part sdbo form cl prefer share transact parti contract unequ inform view determin contrari separ cdr cl constitut aid cl amount discount secur privat vendor remuner requir end transact view extra frf million paid cl commiss take view discount exce amount sell price cl benefit aid transact question commiss conclud state aid grant measur cover procedur initi septemb form recapitalis cdr sdbo asset sold cl frf million commiss deduct product sale frf million amount fund paid cl constitut state resourc mean articl treati reduc amount state resourc emploi transact aid grant cdr context transact amount total frf million adopt decis articl capit increas frf million grant french state cdr sdbo transfer healthi activ cl constitut state aid mean articl treati articl eea agreement aid unlaw incompat common market mean articl treati articl eea agreement articl franc step recov full amount frf million constitut state aid question amount repaid bear interest date aid grant refer rate establish commiss calcul net grant equival aid franc articl french govern inform commiss month date notif decis measur compli herewith articl decis address french republ brussel juli commiss karel van miert member commiss oj oj oj oj net result financi year paragraph page french author inform commiss posit letter juli de director gener competit decid inject public resourc firm constitut state aid commiss appli principl commerci invest market economi commun member state oj commiss decis ec bull oj judgment court justic case septemb case spain commiss ecr seq paragraph offici journal french republ seq judgment court appeal april februari commun guidelin state aid rescu restructur firm difficulti oj frf million multipli averag long term interest rate