commiss decis juli aid measur implement franc alstom notifi document number french version authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur press report publish summer commiss ask franc provid inform bid made public sector nuclear group areva alstom transmiss distribut amp unit inform packag measur alstom group consider financi difficulti letter date august franc inform commiss conclud agreement august alstom group bank alstom verg bankruptci grant packag support measur part rescu restructur plan letter date august commiss inform franc impos suspens injunct respect plan aid measur letter date august commiss request addit inform seri measur includ packag report franc franc repli commiss letter receiv septemb septemb franc request extens deadlin repli question ask commiss august measur commiss refus request letter date septemb work meet held franc commiss septemb connect work document submit commiss franc septemb commiss decid initi formal investig procedur articl treati respect notifi packag measur measur commiss determin condit met order franc implement acquisit hold capit alstom group underwrit subordin loan commiss decid authoris commiss member special respons competit matter agreement presid commiss adopt notifi franc injunct suspend aid measur septemb franc undertook publicli particip financ measur automat irrevers result hold alstom group equiti commiss prior approv rule applic state aid septemb franc commiss draft agreement negoti alstom creditor bank state replac agreement august letter date septemb commiss note inform franc condit set commiss septemb met longer pursu suspens injunct impos final agreement notifi commiss septemb state detail amend plan commiss subsequ octob commiss decid extend initi formal investig procedur articl treati includ measur commun commiss decis septemb octob publish jointli offici journal european union commiss call interest parti submit comment measur letter date octob commiss franc request addit inform novemb commiss wrote franc point delai submiss document need commiss assess case letter date novemb franc commiss initi inform sale alstom amp activ measur remind decemb commiss receiv decemb letter inform supplement commun august august septemb franc repli addit question put commiss octob letter date decemb commiss ask franc provid detail measur decemb commiss receiv set comment interest parti franc respons letter date decemb januari letter date decemb franc request deadlin work dai repli addit question put commiss decemb commiss acced request letter date januari letter date januari commiss inform franc independ expert appoint commiss call tender organis assist analysi alstom restructur plan compani bearingpoint franc sa letter date januari franc request extens deadlin month enabl repli comment submit parti commiss agre extens letter date januari januari commiss franc request addit inform scope sale alstom amp unit receiv repli letter date februari februari franc repli commiss letter decemb measur inform partial incomplet commiss request detail franc letter date februari letter date march franc provid inform request letter date march commiss remind franc wait repli set reaction parti comment undertaken provid march latest franc repli accompani inform amend initi restructur plan commiss letter date march april work meet held franc commiss aim discuss adjust financi packag initi propos franc compensatori measur approv aid discuss franc commiss letter date gave number undertak measur commun adjust made measur initi envisag inform franc commiss letter date june ii descript alstom group alstom limit liabil compani incorpor french law list pari london york stock exchang financi year group turnov eur billion neg oper result eur million net loss eur billion march alstom emploi person countri includ europ current restructur alstom engag design manufactur mainten product system area power gener refer power sector transmiss distribut refer amp sector rail transport refer transport sector shipbuild refer marin sector financi year power sector turnov eur billion emploi person worldwid prior sale amp sector sold french areva group septemb turnov eur billion workforc financi year transport sector turnov eur billion emploi person marin sector turnov eur billion financi year emploi person financi year alstom turnov eur billion financi year compar basi notwithstand posit oper result eur million oper margin alstom net loss increas eur billion eur million due restructur cost eur million financ cost oper result sector shown tabl tabl corpor data turnov oper result eur million annual turnov oper result power amp transport marin corpor employe alstom difficulti restructur plan franc explain alstom difficulti trigger combin factor group suffer firstli gener downturn economi event septemb franc point liberalis market electr lesser extent transport factor creat difficulti group group suffer effect technic problem gt gt heavi duti ga turbin bought swedish group abb alstom problem train sold unit kingdom lastli group suffer lack order cruis ship loss caus insolv renaiss cruis spring announc difficulti amount loss alstom group face crisi confid level order fell custom longer felt compani meet oblig year ahead supplier impos stricter term payment financi institut decid reduc amount bond order receiv alstom aftermath event septemb insur compani reduc exposur vi vi client impos stricter condit alstom grant bond order stai busi market alstom depend obtain bond cover proper perform long term contract bond alstom order restructur plan march initi plan restor alstom activ restor decid partli implement plan incorpor initi plan drawn march amend strengthen januari plan consid franc restructur plan cover period financi year financi year group measur divestitur design focu group activ core busi industri reorganis financi restructur divestitur group measur design focu group activ core busi alstom sold busi activ result eur billion reduct group turnov reduct workforc divestitur industri turbin busi sold siemen april brought eur million net busi gener turnov eur billion alstom turnov workforc employe amp unit except power convers segment sold areva septemb bring eur million net busi sold gener turnov eur billion alstom turnov workforc employe real estat sold total eur million eur million march eur million march august sale total eur million discuss decemb industri reorganis group measur involv industri reorganis alstom core busi divis estim total turnov eur billion power sector compris power turbo system subsector ga steam turbin estim eur billion turnov power servic subsector estim eur billion turnov power environ subsector boiler hydro estim eur billion turnov transport sector estim eur billion turnov marin sector estim eur billion turnov total turnov includ power convers sector eur billion turnov corpor sector eur billion neg adjust aggreg level corpor buffer eur billion sector restructur carri oper reorganis power environ power turbo system subsector compris resiz close site order reduc workforc rationalis geograph site withdraw industri steam turbin ist busi power turbo system subsector closur french site la courneuv industri reorganis transport sector compris resiz closur site workforc cutback reduct activ marin sector closur saint malo shipyard decid begin main site saint nazair workforc reduc earli retir tabl set impact measur segment activ relev financi year year expect save brought restructur measur amount eur year tabl reorganis activ year workforc reduct person restructur cost eur million expect save eur million power environ power turbo system power convers amp power servic ist transport marin corpor total financi restructur set measur financi restructur financi packag compris measur alstom state bank initi packag agre august initi formal investig procedur commiss franc forward substanti amend agreement septemb longer contain measur involv state particip alstom group equiti automat irrevers basi prior commiss approv requir commun state aid rule agreement term supersed agreement august agreement compris firstli measur commit state subscrib issu fix term subordin bond reimburs share titr subordonné duré déterminé rembours en action tsddra reserv state amount eur million bond pariti tsddra share subscript price eur term twenti year bear interest fix rate year pend commiss decis bond subordin debt junior rank subordin debt includ bond mandatorili reimburs share oblig rembours en action ora fix term subordin loan prêt subordonné duré déterminé psdd fix term subordin bond titr subordonné duré déterminé tsdd convers subject condition claus quot tsddra issu compani subscrib state reimburs ordinari share compani rate ordinari share eur nomin tsddra subject obtain decis european commiss declar state subscript tsddra issu alstom reimburs share constitut state aid compat common market constitut state aid reimburs share place automat work dai state receiv commiss decis quot state undertaken sell tsddra share result reimburs compani fulli recov bank undertaken irrevoc subscrib capit increas approv gener assembl novemb reserv eur million issu price eur share agreement grant short term liquid facil total eur billion measur state directli intermediari caiss de dépôt consign cdc undertaken renew treasuri note subscrib eur million expiri period twelv month issu prior februari subscrib addit treasuri note eur million state commit respect liquid amount eur billion addit eur million subscrib full reimburs alstom decemb compani paid back eur million revenu long term financ tsddra tsdd psdd recit eur million januari proce sale amp unit areva bank part contribut treasuri note eur million undertak renew contribut end period twelv month issu februari agreement measur provis bank syndic bond guarante facil worth eur billion eur billion counter guarante state bond guarante facil oper eur billion period cover commerci contract cover exce year counter guarante put place caiss français de développ industriel cfdi belong banqu populair group note refer measur franc counter guarante grant state fourth measur fix term subordin loan prêt subordonné duré déterminé psdd eur billion period year eur million provid state eur billion bank measur comment submit decemb franc state loan final grant cfdi state confin give guarante cfdi amount loan psdd remuner euribor base point base point payabl end interest period base point capitalis paid reimburs loan constitut subordin debt prior rank tsddra tsdd ora franc irrevoc commit subscrib state reserv issu fix term subordin bond titr subordonné duré déterminé tsdd amount eur million period year measur measur bi remuner refer rate base point year base point year payabl annual arrear base point year capitalis paid reimburs subordin mandatorili convert bond fix term subordin loan unsecur liabil addit measur bank guarante place issu origin set eur billion mandatorili convert bond ora preferenti subscript right exist sharehold mandatorili convert bond amount final set eur million reimburs share year date oper launch condit issu coupon capitalis end pariti ora share issu price eur issu premium debt subordin psdd prior rank relat tsddra tsdd tabl overview measur compris financi packag design underpin alstom commun franc septemb supersed agreement august tabl descript financi packag version end septemb eur billion measur bank investor state commit capit increas tsddra measur short term liquid measur bond facil eur billion measur counter guarante psdd measur guarante cfdi respect tsdd measur ora franc inform commiss financi packag implement state bank summer packag includ exist measur measur firstli state counter guarante syndic bond facil measur releas reposit guarante mechan cover syndic bond facil programm total eur billion provid bank bond facil compris guarante mechan loss cover primarili eur million cash collater provid compani loss cover secondarili eur billion guarante state bank contribut pari passu eur billion eur million loss eur billion cover guarante born full bank provid bond period cover syndic bond facil year time start run expect summer period hand write exist bond complet deliveri product alstom bring reduct total outstand amount bond facil period facil top bond ceil eur billion period bond provid top longer permit total amount facil decreas bond amortis parallel guarante bank amortis time equal total amount bond facil rank guarante eur billion amortis prioriti basi rank loss guarante eur million amortis subsequ risk state call fall end begin end begin previou mechan state counter guarante enjoi prioriti amortis note total amount eur billion repres provis bond bond provid bank septemb longer enjoi state counter guarante subject condit limit extent bond provid septemb brought syndic bond line eur billion benefit guarante mechan franc undertak convert capit summer claim alstom consist eur million psdd measur held cfdi eur million tsdd measur bank possibl convert part claim alstom capit addit capit increas place summer amount eur billion measur state particip proport particip capit result convers tsddra percentag amount subscrib state compris eur million balanc market underwritten syndic bank capit increas obtain eur million need provid collater cover initi loss syndic bond facil tabl overview measur compris packag subject decis tabl descript financi packag version end eur billion measur bank investor state commit capit increas tsddra measur short term liquid measur bond facil eur billion measur loss guarante psdd convert capit measur tsdd convert capit measur ora capit increas ii measur financi outlook franc consid restructur plan enabl alstom viabl long term estim contain year treasuri plan version version recent forecast financi year main figur plan set tabl tabl extract alstom year refinanc plan version septemb eur billion financi year order receiv industri turbin power environ power turbo system power servic amp power convers includ transport marin corpor buffer sale industri turbin power environ power turbo system power servic amp power convers includ transport marin corpor buffer oper incom oper margin ebit free cash flow total gross debt econom debt equiti debt equiti financi packag announc franc submit version financi forecast main figur version set tabl valu reflect situat bank convert maximum amount claim provid financi packag announc eur million reflect situat bank convert claim forecast account divestitur compani carri tabl forecast incorpor effect financ measur eur billion financi year total gross debt econom debt equiti debt equiti measur measur refer agreement august refer measur commiss learn press report franc ask provid inform letter date juli measur measur press nuclear group areva made bid alstom amp busi allegedli amount excess eur billion franc french state gave agreement areva board director propos make bid alstom amp unit supervisori board conseil de surveil meet juli note measur expressli mention restructur plan agreement august commiss learn seri measur notifi franc franc ask provid inform letter date august decemb measur measur complain franc report guarante construct electr plant bahrain countri measur measur press report public util compani gaz de franc gdf sign letter intent bui lng liquefi natur ga tanker alstom confer advantag alstom total relev contract eur million lng tanker worth eur million eur million measur measur press report seafranc cross channel oper own french nation railwai société national de chemin de fer françai sncf order car ferri alstom worth eur million confer advantag alstom iii justif procedur option formal investig procedur initi order check measur commiss attent summer aid compat common market measur deriv state resourc allow alstom remain busi relev market threaten distort competit affect trade member state franc disput measur aid notabl measur inform commun franc measur insuffici rest measur consid rescu restructur aid aid measur liabl meet criteria laid commun guidelin state aid rescu restructur firm difficulti hereinaft refer guidelin measur rescu aid franc restructur plan implement subsequ franc made initi aid measur conclud agreement bank measur commun commiss septemb formal investig procedur extend cover measur partli replac provid agreement august increas amount financi packag introduc commiss view carri extens investig procedur note firstli result increas total amount aid contrari reduc total state guarante bond facil measur replac state counter guarante repres eur billion reduct state exposur guarante mechan set loss cover prioriti basi collater eur million provid compani state interven rank guarante level loss amount cover state lower previou packag explain part vi contract bond regard state aid amount extens state commit guarante offset real signific reduct aid result set mechan similarli convers state debt measur capit amend arrang entail increas amount aid includ explain part vi loan regard repres aid equival relev amount time grant lastli state particip capit increas measur slight compar privat contribut place proport capit subscrib state term condit particip point view state total exposur particip capit increas offset reduct guarante cover bond facil note financi packag introduc includ signific increas privat contribut restructur consider improv alstom financi situat chang state guarante cover bond facil mean bank eur billion exposur addit capit increas guarante bank lastli substanti contribut compani financ eur million collater rank guarante bond facil lastli note financi packag accompani commit franc recit hand offset distort competit aris aid limit period cover state assist ensur compani long term viabil commiss consid adjust made reduc state assist increas contribut privat sector partner limit distort competit aris measur time make decis contribut ensur compani viabil long term adjust increas commiss doubt compat aid creat doubt measur contrari adjust remov doubt identifi decis initi extend formal investig procedur lastli extens procedur legal inappropri view delai inevit entail adopt final decis prime import view implement restructur plan iv comment interest parti public decis initi extend procedur septemb octob commiss receiv larg number comment deadlin set interest parti custom supplier subcontractor competitor employe repres alstom set comment electr sector rail transport sector employe organis cover sector custom supplier subcontractor employe repres express concern alstom surviv comment suggest alstom surviv disappear genuin loss fabric european economi point technolog achiev compani involv research develop comment suggest alstom disappear harm impact relev market highli concentr alstom disappear increas concentr narrow suppli side market custom express concern disrupt suppli fear high tech equip mainten sale servic longer properli ensur lastli employe subcontractor repres point harm social impact failur compani inevit direct indirect employ marin sector elicit comment mayor nant saint nazair express concern social consequ proceed comment alstom main competitor set greater detail recit siemen difficulti alstom face due primarili technic problem gt gt heavi duti ga turbin difficulti link quot modest cash flow quot gener alstom activ due factor insuffici integr acquisit carri intens price competit intend improv capac utilis cash deposit receiv inadequ project risk manag capac siemen consid restructur plan enabl alstom restor long term viabil believ alstom unabl cope technic shortcom gt gt turbin alstom margin small railwai equip order note unfavour outlook shipbuild market fear power market view mark low demand overcapac restructur plan insuffici enabl alstom continu busi conclus siemen state market alstom activ suffici competit partli due regular call tender disappear alstom chang situat argu restructur plan approv commiss approv subject alstom abandon busi structur deficit dispos asset subsidiari competitor ident reveal concern grant state counter guarante cover eur billion bond facil view counter guarante distort competit competitor argu practic contract bond typic long term contract conclud industri alstom oper guarante grant state alstom access larg amount contract bond give disproportion advantag competitor concern twofold hand alstom back larger guarante competitor declin suppli contract bond tender larger number contract alstom enjoi lower cost obtain guarante kei aspect low profit margin sector competitor siemen consid capac rail transport market suggest measur parti access intellectu properti right high speed train tgv signal gener electr ge provid inform market competit alstom comment directli restructur plan lastli competitor critic term condit amp unit sold areva concern arriv areva group market competitor consid sale line commerci practic view alstom reduc sale price areva aid grant franc comment franc repli initi extens formal investig procedur franc provid inform measur respect commiss express doubt compat common market decis initi procedur inform summaris measur franc argu state assist order prevent alstom bankrupt ensur long term viabil back assert franc provid addit inform alstom situat prior assist restructur plan measur compani creditor sharehold franc inform set part ii decis notabl aspect relat restructur repli initi extens formal investig procedur franc includ calcul aid compani assess natur note calcul relat measur amend implement plan august septemb franc estim tsddra measur constitut restructur aid nomin amount eur million eur billion liquid provid state measur concern franc consid eur million grant initi rescu aid repay term longer amount consid form part restructur aid hand eur million measur increas agreement septemb regard full rescu aid eur million repaid franc decemb januari aid form liquid intend prevent alstom immedi busi repaid month grant requir guidelin franc provid calcul counter guarante cover bond facil eur billion take view aid calcul multipli maximum amount state exposur quot real quot risk counter guarante mobilis subtract cost paid alstom real risk counter guarante mobilis deriv factor risk alstom honour contract execut risk risk repai guarante repay risk franc arriv amount eur eur million franc assert aid repres counter guarante regard rescu aid bond issu period convers mainten counter guarante period contract bond relat execut deem restructur aid note franc provid evalu syndic bond facil eur billion replac summer eur million aid psdd measur franc put amount state aid includ guarante cfdi eur million equival amount loan grant cfdi minu eur million cost expens franc reaffirm restructur plan enabl alstom viabl long term franc state divestitur carri alstom industri oper restructur measur part ii suffici offset undu distort competit franc maintain aid measur assist alstom repres minimum ensur short term surviv provis liquid counter guarante long term viabil long term financi industri restructur econom social consequ insolv alstom concern franc maintain measur term number job loss result acknowledg alstom activ oper franc state simpli halt top restructur oper sector remain busi estim loss job franc forese problem stem fact alstom activ carri subcontractor argu result addit job loss figur increas indirect job loss worst hit region franc view total number job loss expect event insolv total franc state failur alstom indirectli result product capac market alstom oper concern franc state capac flexibl easili adjust demand medium term cyclic fluctuat demand result short term overcapac case power turbo system subsector franc believ overcapac reabsorb medium term workforc adjust capac consid problem transport sector product easili adapt demand lastli marin sector cruis ship segment current crisi regard temporari favour long term growth prospect question sale alstom amp sector areva measur franc provid addit inform intend show oper involv state aid franc agre price eur million minu consolid net debt asset transfer oper carri januari price eur million franc state areva bid lower made potenti buyer accept alstom favour areva pai price limit period recours made loan capit increas contrast potenti buyer areva request alstom remain sharehold respect part activ transfer franc state areva bid price prove line establish seri valuat carri alstom areva valuat date juli price ly rang eur billion eur billion measur concern repli februari franc deni provid guarante transact franc admit provid quot quot gdf sncf special back condit purchas ship request commiss franc copi letter special back condit set letter state confirm transact carri successfulli introduc compens procedur comment interest parti franc note comment interest parti commiss alstom competitor employe union supplier custom contractor note unusu number opinion argu favour measur point parti express consider concern risk alstom failur pose direct indirect employ continu current contract notabl term technolog transfer contractor opinion regard neutral franc franc observ interest parti siemen express opposit propos measur franc disput claim made siemen consid alstom transport sector show sign weak state declin oper margin sector due sole alstom ad hoc difficulti profit outlook wholli favour siemen take view overcapac rail sector interest parti take view overcapac appli roll stock segment case franc disput assess note site closur undertaken relat specif local overcapac addit franc point alstom continu restructur effort power sector franc stress advanc technolog alstom possess explain declin margin point siemen link major ad hoc technic problem gt gt ga turbin problem solv franc point power turbo system subsector present structur problem contrari siemen claim point consider capac reduct undertaken sector sell industri turbin busi siemen amp busi areva pursu restructur effort parti point major import contract bond transport sector sharpli critic bank guarante obtain alstom result counter guarante grant state franc point respect guarante line histor group alstom bond practic chang aid grant state parti propos grant guarante sector feasibl financi structur group alstom ge siemen franc disput siemen comment doubt effect alstom restructur plan doubt group chanc viabl critic siemen comment undu distort competit result measur addit divestitur suggest siemen offset effect lastli franc oppos request open intellectu properti right call parti tgv signal interest parti express unfavour opinion amp branch opinion face structur overcapac critic condit amp branch sold areva franc point firstli alstom longer activ relev branch provid evid sale areva involv element state aid commit franc compani franc letter commiss franc undertook alstom conclud industri partnership period year partnership relat signific part alstom busi partnership prior commiss approv relat undertak control de jure de facto individu jointli state franc undertak joint ventur alstom retain joint control hold maximum capit set partner cover alstom quot hydro power quot busi turnov eur million workforc transact complet period franc undertak withdrawn alstom capit month alstom obtain invest grade rate withdraw event carri year adopt decis franc undertak alstom divest activ energi transport field divestitur includ freight locomot busi valencia turnov eur million workforc transport sector activ australia zealand turnov eur million workforc industri boiler activ turnov eur million divestitur carri period franc undertak alstom set stabilis dedic manag ensur proper administr activ sold establish singl truste respons monitor proper implement commit divestitur franc undertak alstom dispos activ repres eur million turnov base group busi exclud marin divestitur carri carri period lastli franc undertak alstom dispos period franc undertak send commiss annual year report check expert appoint alstom approv commiss expert task check margin achiev averag annual subsector contract sign compani transport sector compat busi plan event discrep predatori price franc undertak alstom make acquisit transport sector european econom area involv amount excess eur million compani year structur measur open french roll stock market concern franc undertak forward commiss request opinion drawn réseau ferré de franc french railwai infrastructur manag issu safeti certif technic file base forward commiss draft quot roll stock quot decre explanatori detail show case decre mandatori decre enter forc januari abolish legal requir sncf consult issu safeti certif enter forc januari inform commiss contract directli conclud sncf régie autonom de transport parisien ratp alstom send commiss request report analys tender submit administr board sncf contract conclud invit tender transpos earli novemb direct ec european parliament council march coordin procur procedur entiti oper water energi transport postal servic sector adopt enter forc novemb pre contract referr arrang line council direct eec februari coordin law regul administr provis relat applic commun rule procur procedur entiti oper water energi transport telecommun sector addit franc undertak implement addit measur restructur marin sector requir bring profit threshold shipbuild order ship cruis ship equival year averag year lastli franc undertak withdraw commiss purpos authoris addit state aid alstom vi assess market analysi alstom engin group design manufactur mainten product system main sector power gener rail transport shipbuild commiss base assess market analys industri report report consult bearingpoint franc sa figur refer deriv assess approxim power gener world market power gener infrastructur mainten servic worth eur billion year north america asia largest market account player offer wide rang product signific market share world level ge alstom siemen mitsubishi toshiba signific term sale focus steam turbin ge increasingli market leader averag yearli market share power gener market period ge strongest north america market share ga turbin market share period alstom place market share power gener market experienc downturn substanti increas order order increas gw year period return level gw year demand expect remain subdu medium term averag gw year longer term demand forecast approxim gw year power servic sector potenti growth project yearli increas servic sector account power gener market approxim eur billion alstom oper construct servic market segment ga turbin mw larg ga turbin steam turbin mw larg steam turbin hydro turbin gener boiler turnkei plant servic commiss assess market share sector period larg ga turbin sector repres power gener market measur term mw ge clear market leader share siemen alstom larg steam turbin sector market fragment chines player market share alstom ge mitsubishi siemen toshiba follow case hydro turbin market alstom ge market share siemen market share case hydro gener account market alstom lead market share ge remaind split chines player va tech hydro siemen boiler sector market chines player domin market share demand asian lead name mitsubishi alstom babcock amp wilcox foster wheeler ihi rail transport commiss estim world market rail transport equip servic worth eur billion year line estim submit french author market roll stock eur billion infrastructur eur billion signal eur billion servic eur billion roll stock sector split segment percentag term averag sale european market shown bracket electr diesel multipl unit emu dmu high speed train high speed train hst vhst metro tram light rail vehicl lrv locomot passeng coach kei player term sale bombardi alstom siemen lesser extent ge ansaldo compani repres world rail transport market bombardi alstom siemen ge ansaldo smaller player activ european market includ caf talgo vosslogh alstom bombardi recent time worldwid leader major roll stock segment share leadership siemen european market alstom siemen specif posit high technolog product europ largest market share franc germani unit kingdom largest european market amount averag sale year italian spanish market repres european market period local presenc compani local product facil signific factor nation local player domin market market share franc germani unit kingdom spain itali gener trend europeanis market industri consid overcapac approxim demand expect grow year ahead year high speed train signal servic sector offer growth prospect french market domin alstom lesser extent bombardi commiss estim market worth eur billion base averag sale emu dmu repres eur million hst eur million metro eur million lrv eur million locomot eur million alstom market share period hst sector lrv locomot emu dmu alstom bombardi metro alstom bombardi siemen alstom present competitor alstom approxim market share franc domin hst germani siemen market share germani bombardi marin shipbuild market domin japan south korea china rise strongli european shipyard includ alstom focus high technolog high ad segment cruis ship liquefi natur ga lng carrier european shipyard cumul share cruis ship market split compani averag alston held world market cruis ship fincantieri aker kvaerner meyer cruis ship lng carrier relev market worldwid cruis ship market depress moment order book deliveri longer term prospect good growth tourism industri underli growth rate cruis industri estim year lng carrier market wit rapid growth phase long term prospect posit exist aid articl treati state quot save provid treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market quot commiss examin relev measur constitut state aid state alstom main busi area power gener transport shipbuild relev product servic subject trade competit member state point set point demonstr ampli aid alstom affect trade member state distort competit common market measur financ state bodi control state conduct present context attribut state cdc cfdi ad hoc measur assist alstom select measur decis initi extend formal investig procedur commiss conclud state measur cover august agreement amend septemb agreement constitut state aid mean articl treati commiss point initi franc disagre measur relat state particip increas regard aid accept rest measur august agreement aid note measur replac tsddra present measur franc longer disput term state aid appli measur measur cover septemb agreement contrari letter date septemb franc stress absolut essenti state particip oper support alstom financi measur made firm form integr packag made clear state involv essenti prevent alstom failur form kei element august agreement confirm amend version agreement submit franc septemb particip state bank undertaken support firm franc consid measur deriv septemb agreement constitut aid compat common market commiss preliminari posit confirm measur cover decis initi extend procedur affect measur commun french author tsddra measur subscrib state context privat investor oper market economi confer advantag alstom state resourc similarli short term facil measur grant context privat market economi investor note measur part underwritten cdc underwritten request state attribut fact franc disput state eur billion loss guarante contract bond grant bank measur previou counter guarante previou measur except measur regard normal behaviour financi institut view alstom situat confer advantag financ state resourc instanc intermediari cfdi attribut state note franc differenti measur grant directli grant intermediari cfdi agreement protocol transmit letter date june establish quot state provid counter guarante bond mechan directli intermediari cfdi quot protocol guarante measur quot issu cfdi state entiti oper guarante state quot show instanc resourc cfdi state resourc action attribut state case point regard constitut state aid psdd underwritten cfdi guarante state measur tsdd directli grant state measur similarli regard reflect normal behaviour market economi investor creditor normal investor creditor action creditor sharehold alstom note grant psdd time august septemb agreement commit state commit form guarante cfdi loan state commit convert claim share directli intermediari cfdi irrevoc long term claim held convers option creditor measur aim consolid alstom financi structur situat time convers confer state role similar creditor involv addit risk regard measur franc natur state particip capit increas commiss consid particip state capit increas aid element commiss document entitl quot applic articl eec ec treati public author hold quot circumst exist presumpt aid case quot author intervent take form acquisit hold combin type intervent notifi pursuant articl quot quot hold industri experienc difficulti quot case point commiss note capit inject grant parallel measur deem state aid mean articl treati alstom firm difficulti lastli capit inject view parallel support measur state form part oper intend support alstom restructur carri conclus commiss consid measur form part packag design assist alstom group confront risk insolv clear measur privat market economi investor affect trade member state liabl distort competit common market commiss consid measur element state aid mean articl treati measur measur concern commiss supplementari request inform franc letter date juli order establish acquisit price alstom amp divis paid areva nuclear group amount eur million net contain element state aid commiss consid clear consist inform provid letter franc commiss septemb februari remov doubt measur aid element absenc evid alstom receiv advantag areva attribut state commiss consid suggest transact contain state aid element areva conduct oper privat market economi investor case commiss consid aid element extrem small alter assess measur support alstom measur measur distinct drawn measur measur regard measur quot bahrain quot decis initi procedur refer guarante construct electr power plant bahrain franc deni provid guarante whatsoev connect pure commerci transact commiss examin letter franc bahrain author consid extrem gener natur letter meant bind charact confer advantag alstom measur constitut aid mean articl treati commiss consid aid element extrem difficult quantifi alter assess measur support alstom measur quot acquisit gdf lng carrier quot measur quot acquisit seafranc ship quot franc firstli order won alstom merit assist state franc acknowledg provid quot quot gdf quot quot sncf parent compani seafranc special back condit relev purchas analys letter refer recit commiss consid special back condit deem equival state guarante case gdf measur franc state undertak quot quot transact carri successfulli case seafranc measur franc state quot quot requir enabl seafranc carri transact successfulli clear quot comfort letter quot state confer kei advantag alstom grant custom guarante compens connect alstom carri order ship advantag doubt major factor alstom time financi situat prudent oper reluct order ship reveal quot comfort letter quot replac contract bond type transact case requir state back measur franc subsequ inform commiss measur regard equival guarante similar effect syndic bond facil regard form integr part entir packag aid franc provid alstom order support restructur effort plan implement march guarante provid alstom june time firm difficulti guarante regard constitut aid measur support alstom lastli commiss maintain analysi set provision assess bank placement guarante capit increas bank issu ora confirm relev element state aid amount aid repli initi extens formal investig procedur franc state amount aid grant state measur amount facil cover franc accept rest measur consid aid valu nomin note franc comment relat aid packag adjust franc comment quantif aid includ guarante cover bond facil replac counter guarante measur includ propos capit increas measur aid grant state notabl take form underwrit compani stock equiti quasi equiti short long term loan guarante quantifi ant time grant take risk assum state account post quantif base materialis risk basi principl quantif aid alstom establish tsddra measur tsdd measur quasi equiti investor posit state underwritten secur risk great event default state hope obtain repay commiss regard amount aid equal nomin amount secur franc accept assess assess fundament alter convers secur capit short term liquid measur made time bank readi case eur million state undertook renew februari equival medium term loan aid amount nomin amount contrast eur million treasuri note lent short term repaid rapidli amount eur million intend cover financ requir pend long term financ grant state tsddra tssd psdd full amount commiss consid aid consid aid state time subscript eur million treasuri note involv amount aid simpli chang form count tabl commiss appli weight eur million short term loan weight long term financ repay final aid includ balanc eur million remain quantifi compar medium long term loan account lower risk repay creditor short durat fact loan intend establish longer term financ solut amount aid fraction nomin amount lent regard syndic bond facil measur part iv franc commun calcul relat counter guarante eur billion counter guarante abolish replac guarante eur billion explain franc base calcul estim technic risk calcul basi histor data amount aid abolish counter guarante put eur eur million point recit exist amount aid determin ant time grant franc claim bond facil produc effect amount aid estim relat risk contract effect cover posteriori time guarante grant franc includ limit facil counter guarante cover contract alstom sphere activ provid contract exce durat year ant aid contain counter guarante amount amount cover line commiss notic applic articl ec treati state aid form guarante hereinaft refer quot notic state aid form guarante quot point state quot time loan grant strong probabl borrow default financi difficulti guarante high amount effect cover guarante quot risk privat oper repli initi extens formal investig procedur franc state quot bank longer provid bond mechan view commit enter state provid support flow bond essenti alstom proper oper quot franc acknowledg state counter guarante alstom access bond facil commiss note counter guarante oper de facto guarante call immedi bank event project guarante carri complet time alstom commiss consid potenti risk state amount amount bond facil cover counter guarante eur billion announc state counter guarante cover bond facil abolish initi quantifi amount aid result state grant counter guarante period twelv month basi inform line customari calcul method aid counter guarante grant state limit period time estim maximum eur million calcul start assumpt contract cover year industri averag risk guarante call spread evenli year period bond issu linear fashion month septemb august total amount eur billion septemb state counter guarante cover bond issu abolish amount aid consid counter guarante amount multipli durat guarante number month guarante appli year month recal counter guarante bond state recit abolish counter guarante replac rank guarante amount eur billion incorpor bond facil repres maximum outstand amount eur billion measur arrang potenti risk state eur billion time eur million collater insuffici cover potenti loss counter guarante treat aid maximum amount adjust mean eur billion reduct state potenti risk part iii reduct amount state exposur kei factor decid extend formal investig procedur commiss consid amount aid substanti affect subtract cost born alstom order benefit guarante light assess fact data provid franc figur allow precis calcul amount paid alstom state maximum amount aid includ guarante reduc guarante state cfdi provid alstom psdd measur reason appli state guarante amount psdd cfdi grant loan line notic state aid form guarante commiss estim guarante constitut state aid analysi born fact franc announc alstom debt state convert capit summer includ psdd convers debt capit show psdd financ state resourc attribut state regard aid amount relev amount view consider set part commiss consid state particip capit increas measur consid repres conduct normal market economi investor constitut aid aid includ particip capit amount amount underwritten guarante gdf sncf measur franc recognis purpos replac contract bond line estim aid compris guarante respect bond facil commiss consid maximum amount aid high amount cover difficulti assess scope probabl risk aris contract carri carri properli proport risk cover state guarante commiss unabl quantifi reliabl amount aid inher guarante view commiss consid tabl realist estim maximum amount aid result packag measur support alstom sole except measur ad ensu compat assess take account measur consid particular assess tabl maximum amount aid eur billion measur maximum amount aid eur billion short term liquid measur eur million renew eur million repaid eur million repaid measur tsddra measur psdd convert capit measur tsdd convert capit measur capit increas ii measur guarante cover bond facil measur month counter guarante eur billion bond loss guarante cover eur billion bond total compat aid common market view measur state assess ad hoc state aid present context articl treati derog gener incompat rule set articl derog provid articl treati applic instanc aid measur social charact grant individu consum intend make good damag caus natur disast except occurr grant economi area feder republ germani affect divis germani derog provid articl treati aid region purpos derog articl applic derog provid articl appli provis authoris state aid intend facilit develop econom activ aid advers affect trade condit extent contrari common interest aid grant order restor long term viabil firm difficulti assess basi guidelin examin commiss consid commun guidelin appli instanc franc invok derog provid treati reli sole guidelin order justifi compat measur notifi august order qualifi rescu restructur aid firm firm difficulti section guidelin defin concept point state usual sign firm difficulti increas loss diminish turnov grow stock inventori excess capac declin cash flow mount debt rise interest charg fall nil net asset compani net profit financi year loss excess eur billion financi year time equiti fell half fall eur billion eur million alstom deem firm financi difficulti mean point guidelin fact disput franc parti proceed rescu aid franc consid part measur deem rescu aid support argument point aid cover firm short term liquid requir regard measur franc estim eur million financi packag cover septemb agreement regard rescu aid mean guidelin aid form short term liquid purpos prevent alstom busi immedi repaid month disburs measur franc consid state counter guarante cover syndic bond facil deem rescu aid provid period bond issu bank counter guarante provid state measur implement initi period made alstom busi franc counter guarante regard rescu aid grant year implement measur design rescu firm note franc evalu part aid deem rescu aid evalu part deem restructur aid subsequ period concern aid regard restructur aid note evalu provid reposit counter guarante syndic facil amount eur billion born mind decis initi extend formal investig procedur commiss view alstom undergo restructur time relev measur grant part aid measur deem rescu aid guidelin grant restructur liquid plan implement rescu aid necessarili preced plan condit govern authoris rescu aid set point guidelin met instanc commiss view provision aid examin light criteria govern authoris restructur aid doubt commiss express initi extend procedur remain relev appear artifici divid aid packag rescu aid restructur aid rescu period preced draw restructur plan analysi run counter object pursu grant rescu aid maintain statu quo time firm futur assess aid cover liquid requir structur measur form part ongo restructur commiss agre aid arbitrarili deem rescu aid grant month year restructur oper context matter aid cover liquid requir firm undergo restructur restructur aid cover liquid requir firm restructur cover invest cost link capac reduct addit commiss consid amount aid respect measur larg extent amount deriv structur measur replac reason examin head restructur regard counter guarante measur fulfil criteria authoris rescu aid set guidelin consist liquid support constitut loan guarante stipul point guidelin counter guarante extend month provid guidelin cover project last year view commiss consid assess measur includ packag restructur aid restructur aid guidelin set criteria met restructur aid authoris plan restor long term viabil avoid distort competit aid limit minimum full implement restructur plan restor viabil grant aid condit implement restructur plan endors commiss case individu aid measur restructur plan durat short restor long term viabil firm reason timescal basi realist assumpt futur oper condit restructur aid link viabl restructur plan member state commit extern consult commiss assess restructur plan present franc order determin suffici restor long term viabil firm commiss base analysi inform present august decemb subsequ februari commiss assess examin firstli oper restructur adequ market prospect impact restructur plan lastli consid firm financi situat restructur plan implement oper restructur analys restructur measur account specif charact sector alstom oper case power transport sector invest fix asset low compar work capit requir matter project perform engin capac physic product capac major constraint case limit number product compani gener broaden suppli period high demand convers cut surplu labour period low demand countri social secur legisl constrict specif featur alstom activ manufactur product product line depend order optimis product capac utilis utilis run product capac measur term space product roof area manpow instal plant equip gener major constraint unlik industri addit difficult measur product capac product mention product manufactur time product line alstom intern restructur measur analys examin firm reorganis effici manpow rationalis geograph presenc commiss consid power gener transport sector concern restructur measur suffici ensur industri recoveri plan manpow reduct consid proport scale excess capac exist industri estim cost restructur measur result save realist earli implement restructur plan process advanc risk slippag achiev object set march reduc power turbo system sector reduct manpow employe line excess capac alstom latest capac utilis rate estim franc august commiss expert manpow reduct combin cut back select closur plant oper reorganis ensur alstom competit power environ sector reduct manpow deem commiss extern expert greater excess capac capac utilis rate estim franc half year larg reduct manpow attribut closur product site power servic sector reduct manpow amount site closur anticip justifi local presenc sector lastli restructur carri power convers sector amp segment sold areva form reduct workforc employe reorganis industri structur transport sector reduct workforc workforc reduct line overcapac estim made extern consult reduct consist alstom current capac utilis rate state franc inconsist explain part fact workforc reduct combin product site closur affect unit kingdom alstom transport recent encount consider difficulti unit kingdom market outlook posit countri workforc reduct plan anticip improv product result industri optimis contrast assess transport power sector commiss consid measur restructur plan marin sector suffici offset excess capac alstom shipyard workforc reduct carri restructur plan employe product concentr saint nazair shipyard main shipbuild site import site close notwithstand measur commiss doubt restructur measur suffici rais capac utilis rate alstom shipyard accept level reason analysi set recit alstom marin sector technic capac produc type vessel cruis ship lng vessel carrier yacht scientif militari vessel futur order focus demand cruis ship restructur plan anticip order market type vessel expect figur promin order receiv current product capac saint nazair shipyard estim cruis ship year medium term indic suggest alstom maintain current market share receiv order maximum cruis ship year period product type vessel offset lower level order cruis ship maximum signific impact rais total level order vessel cruis ship equival year context commiss welcom franc recent commit measur order reduc alstom profit threshold shipbuild ship order cruis ship equival year averag year commiss consid addit measur vital ensur long term viabil sector implement oper perform commiss assess detail forecast result restructur plan order oper revenu sector check aspect line forecast establish relev market commiss consid forecast order gener realist forecast market share industri growth suffici prudent sector form except power turbo system marin alstom power turbo system busi suffer heavi loss due dysfunct problem gt gt heavi duti ga turbin main model rang market alstom sector work improv perform turbin carri commerci agreement conclud dissatisfi custom franc state turbin present problem free order turbin spanish firm factor suggest alstom clientel regain confid qualiti perform advanc turbin market group commiss consid suffici posit factor confirm renew recoveri sector establish alstom carri work achiev requir perform specif disput dissatisfi custom process resolv commiss note provis set account cover residu risk suffici event order turbin decemb mention franc demonstr sector recov competit encourag sign commiss believ franc overestim alstom capac win back market share year ahead alstom market share line averag perform period commiss calcul sensit factor order risk expect order commiss eur worth order risk year eur worth expect order marin sector commiss consid order forecast restructur plan optimist assum long term recoveri cruis ship market allow possibl chantier de atlantiqu produc type high tech vessel lng carrier commiss eur worth order risk year eur worth expect order basi factor commiss consid total eur order risk amount partli offset eur corpor buffer applic anticip order restructur plan appear overoptimist commiss estim eur worth order risk cover corpor buffer commiss analys compani forecast term oper profit consid object embodi restructur plan achiev expect term oper result suffici prudent offset overoptimist forecast term order commiss consid overoptim order effect jeopardis alstom oper profit object analys basic element restructur plan intend demonstr sound alstom oper profit forecast commiss consid forecast realist initi aspect essenti improv profit economi measur undertaken part restructur measur part ii economi measur design rationalis cost realist pace implement regard posit indic demonstr restructur return viabil achiev deadlin set commiss note substanti loss caus major dysfunct problem occur gt gt heavi duti ga turbin except agreement reach end litig procedur custom type difficulti natur aris futur major factor forecast continu high profit area power servic divis oper margin expect forecast reason basi featur relev busi sector growth light factor commiss conclud object oper margin group level provid restructur plan achiev return long term viabil commiss examin measur provid restructur plan enabl alstom restor long term viabil commiss consid industri level measur gener suffici achiev profit object provid plan addit posit sign indic except technic problem result heavi specif loss recent year solv commiss continu doubt effect measur provid restructur plan restor alstom long term financi sound march commiss conclud end restructur firm capabl act market resourc requir guidelin commiss doubt stem analyt factor firstli oper margin oper profit eur suffici basi ensur firm long term viabil restructur plan net profit eur sale commiss estim level econom debt compar equiti remain high eur relat eur gave debt equiti ratio gear ratio alstom earmark larg percentag revenu pai interest debt financi charg eur earn interest tax depreci amortis ebitda total eur interest cover ratio level precari financi situat difficult sustain long term addit commiss consid alstom lack short term financ capac meet liquid requir restructur period assess alstom liquid plan consult consid headroom credit line minu credit line eur level commiss consid suffici unforeseen difficulti event liquid plan level headroom refer level eur quarter year lastli commiss consid alstom increas equiti medium term plan level equiti eur sale period equiti amount sale sounder financi balanc sheet anticip deem firm attract investor financ independ market conclus commiss consid alstom restructur plan remain unsatisfactori financi term high level debt low level equiti franc inform commiss firm carri capit increas cash convert part debt capit transact equiti eur eur debt eur eur march depend degre particip bank convers claim capit sale percentag ratio debt equiti gear ratio repres suffici improv level forecast made basi previou financi plan reduct debt decreas financi charg financi charg eur eur basi ebitda eur interest cover ratio sustain financi situat conclus capit increas consequ reduct debt larg commiss doubt firm medium term viabil remov addit commiss note franc commit refer part conclud industri partnership period year commiss estim order consolid alstom long term viabil prospect firm form or partnership partner chosen suffici financi strength make financi industri contribut partnership set relev industri activ partnership approv commiss competit rule laid treati partnership long term involv structur strateg agreement limit carri specif project respons invit tender order signific impact alstom industri financi develop partnership relat signific part alstom activ core busi sector transport energi area involv joint ventur recit conclus partnership enabl alstom make technolog industri asset overcom financi constraint subject activ concern note partnership establish principl specif authoris commiss firm control french public author de jure de facto individu jointli partnership perpetu state involv alstom group flagrant contradict commit franc put end particip public author alstom capit state aid particip entail conclus commiss consid commit partnership fulfil doubt long term viabil firm remov prevent undu distort competit authoris commiss restructur aid meet condit measur mitig advers effect aid competitor aid regard quot contrari common interest quot incompat common market condit take form limit presenc compani enjoi market market end restructur period state alstom carri activ area power gener transmiss distribut rail transport shipbuild measur offset advers effect aid competitor sector restructur plan refocus alstom core activ import context restructur plan notifi commiss franc decemb march fulli implement includ asset sold power gener sector note compani sold industri turbin divis includ small ga turbin lt mw steam turbin lt mw siemen amp divis areva divestitur account alstom total turnov addit commit franc part provid sell asset power gener sector includ industri boiler set joint ventur cover hydro power alstom core busi divis rail transport franc undertak sell valencia freight locomot plant transport busi australia zealand busi divis industri boiler alstom continu run accord principl good manag provid mean normal develop take measur reduc transfer intang asset patent licenc commerci agreement staff custom sale capac parent compani part alstom group purpos franc undertak busi divis sold alstom set stabilis dedic manag ensur manag properli truste appoint franc approv commiss monitor proper handl manag sale busi divis eur million basi turnov addit divestitur carri marin busi divis divestitur meet condit busi sold subject decis previou futur sell includ joint ventur refer recit sell cover viabl busi activ compris fix asset staff turnov repres level busi time sell basi turnov reduc sale industri turbin amp busi addit sell off repres addit reduct sell off addit signific reduct busi activ notabl total partial closur product site staff reduct mention previous tabl provid restructur plan context commiss consid compensatori measur carri carri alstom avoid undu distort competit mean point guidelin compensatori measur combin site closur sell off fact relev sector market presenc product capac highli depend instal product line reason instanc commiss focus sell off reduc size physic product plant conclus born specif condit oblig applic authoris aid impos accept pursuant point guidelin transport area franc undertak begin seri structur measur design increas effect open french market roll stock increas competit market benefit consum commit substanti commit market basi inform tend give prefer nation undertak line point guidelin transport sector limit appli alstom price acquisit polici avoid distort competit commiss note franc commit firm conclud industri partnership involv signific part alstom busi period year addit improv compani viabil commit partnership consid compensatori measur competitor oblig alstom find partner major busi activ involv activ commiss consid partnership requir transport energi sector distort competit due aid sensit joint ventur set hydro power basi commit enter franc meet consider commiss consid concept quot joint control quot understood mean council regul eec januari control concentr undertak ec regul concentr aspect limit price acquisit polici industri partnership set joint ventur substanc set detail line point ii guidelin lastli undertak french author withdraw notif innov aid present notif restructur aid relat marin sector line point iii guidelin context commiss consid requir addit aid grant alstom end restructur process event date scope issu bond eur billion syndic facil expir june condit appli aid cover articl treati aid grant research project jointli financ european union aid grant temporari defens mechan recit alstom posit french market roll stock sector commiss note satisfact undertak franc structur measur open market measur firm overcom obstacl substanti restrict competit market commiss consid suffici measur limit advers impact aid competit competitor consum aid proport cost advantag restructur condit met aid authoris amount intens aid limit strict minimum need enabl restructur undertaken light exist financi resourc compani sharehold busi group belong aid beneficiari make signific contribut restructur plan resourc event demonstr commiss aid purpos restor firm viabil enabl recipi implement restructur plan expand product capac commiss note cost reorganis alstom activ plan assess pricewaterhousecoop pwc amount eur amount ad capit requir need establish suffici sound financi structur equiti total disappear balanc sheet except loss year lastli account firm substanti bond liquid requir commiss note state provid eur million tsddra measur eur billion short term liquid measur eur billion rank guarante measur eur million guarante psdd convert capit measur eur million tsdd convert capit measur particip capit increas amount eur million lastli guarante marin sector state accept respons unspecifi amount grant guarante measur valu eur million state quantifi exposur relev period amount maximum eur billion note firm repaid eur million measur potenti risk state amount eur billion explain aid put maximum eur billion tabl indetermin amount stem measur contribut made firm cover cost capit requir signific substanti divestitur carri revenu divestitur allow part capit requir cover proce make limit firm indebted futur financi charg addit eur million repay refer includ tabl avoid doubl count firm make signific contribut financ eur million cash collater essenti element obtain bond facil alstom contribut substanti privat contribut made bank investor bank provid guarante capit increas amount eur million short term liquid amount eur million measur syndic bond facil real exposur amount eur billion measur psdd amount eur billion ora bond worth eur million guarante place capit increas amount eur million eur billion eur million financ cash collater alstom privat sector invest restructur compani amount eur billion eur billion cash collater financ capit increas account privat contribut consid substanti tabl descript privat contribut exclud proce divestitur eur billion measur amount bank investor capit increas ora renew short term liquid measur psdd convers capit measur bond amount eur billion measur capit increas ii measur alstom financ collater cover initi loss measur total addit commiss check aid limit minimum need enabl restructur undertaken note firstli part aid repaid notabl eur million measur franc undertaken withdraw firm capit twelv month alstom obtain invest grade rate event year franc particip compani capit privat investor purpos provid aid franc undertak order ensur state aid form capit particip limit minimum period commiss consid essenti withdraw capit effect commiss wish ensur addit aid provid alter proportion aid measur subject decis reason aid paid compani year date decis correspond approxim restructur period period bond issu syndic bond facil commiss believ aid grant franc enabl alstom carri restructur pursu busi activ year period recours addit aid condit appli aid fulli compat treati articl treati aid grant research project jointli financ european union aid grant temporari defens mechan pursuant council regul ec june temporari defens mechan shipbuild specif purpos assist commun shipyard segment suffer advers effect unfair korean competit case alstom group compani context ensur aid grant alstom futur partner reason franc undertaken obtain commiss prior agreement event partnership undertak control state de jure de facto individu jointli lastli point guidelin stipul aid provid compani surplu cash aggress market distort activ financ invest essenti restor firm viabil measur order ensur provis compli firstli franc undertaken monitor annual averag margin subsector year remov possibl predatori price franc undertaken corpor acquisit european econom area substanti restrict period rule acquisit transact modest scale measur appli sole transport sector alstom transport sector suffer except loss margin remain satisfactori bulk aid intend restructur divis compani measur intend ensur aid alstom transport sector financ predatori price polici major extern growth polici detriment competitor view commiss consid volum aid limit strict minimum need restor long term viabil firm note privat contribut signific requir guidelin full implement plan plan restructur alstom divis power transport marin power convers commit franc implement full commiss note franc undertak respect inform progress implement plan relev commit inform form report state progress restructur supplement notif pwc report valid busi plan liquid plan specif inform provid commiss ensur commit fulfil vii conclus commiss find franc illeg implement larg part aid subject decis breach articl treati aid declar compat common market provid condit impos fulfil adopt decis articl aid measur implement franc alstom compat common market subject oblig condit set articl articl plan restructur alstom commun commiss franc decemb march fulli implement includ asset dispos franc withdraw alstom capit twelv month compani obtain invest grade rate main rate agenc withdraw event carri year adopt decis alstom conclud industri partnership year adopt decis partnership relat signific part alstom busi agre advanc commiss partnership involv undertak control state de jure de facto individu jointli case alstom quot hydro power quot busi joint ventur set joint control alstom hold maximum capit asset alstom sold buyer independ alstom valencia freight locomot plant transport activ australia zealand industri boiler month notif decis franc submit approv commiss provis establish stabilis alstom dedic manag ensur busi activ refer subparagraph properli run provid mean normal develop take measur intention diminish transfer intang asset patent licenc commerci agreement staff custom sale capac parent compani part alstom group trusteeship appoint independ truste oblig maintain confidenti ensur proper carri manag sale asset refer subparagraph appoint truste begin work immedi truste identifi irregular notifi immedi commiss busi activ worth eur million turnov base alstom group exclud marin sector divest period elig busi activ divest cover viabl busi compris fix asset workforc turnov repres level busi time divestitur subject framework decis past futur divestitur includ joint ventur provid paragraph divest period franc submit commiss year year report valid expert appoint alstom approv commiss report check margin achiev averag year subsector contract conclud compani transport sector compat busi plan predatori price alstom corpor acquisit transport sector european econom area exce total eur million compani period year franc implement structur measur open french roll stock market send commiss request report réseau ferré de franc société national de chemin de fer françai sncf issu safeti certif technic file base send commiss draft quot roll stock quot decre inform commiss contract framework agreement refer point reason standard provid decre mandatori decre enter forc januari withdraw legal oblig consult sncf issu safeti certif replac oblig consult inform commiss contract framework agreement conclud privat contract sncf régie autonom de transport parisien ratp alstom amount greater eur form list commiss year indic contract framework agreement reason negoti procedur prior invit tender appli novemb measur implement direct ec commun commiss year list contract framework agreement amount eur award alstom sncf ratp invit tender contract framework agreement technic specif formul requir articl direct ec send commiss request report analys tender submit sncf administr board contract framework agreement award alstom sncf ratp put competit adopt enter forc novemb pre contract referr arrang accord direct eec franc implement addit measur restructur alstom marin sector bring profit threshold ship order cruis ship equival year averag year aid refer articl treati aid grant research project jointli financ european union aid cover regul ec grant alstom restructur process complet event year adopt decis restructur aid grant breach principl aid grant purpos monitor complianc condit set paragraph franc provid commiss inform alstom obtent invest grade rate pursuant paragraph month obtent month step relat industri partnership pursuant paragraph result step month step set joint ventur cover hydro power activ pursuant paragraph month conclus agreement set joint ventur franc forward commiss support document enabl commiss establish joint ventur joint control mean regul ec month complet transact paragraph adopt measur provid paragraph month measur relat addit restructur marin sector pursuant paragraph annual report state progress alstom restructur supplement report valid busi plan liquid plan articl franc inform commiss month notif decis measur compli articl decis address french republ brussel juli commiss mario monti member commiss oj pp commiss decis octob commun franc letter date octob footnot sale authoris commiss decis juli declar concentr compat common market case iv siemen alstom ga steam turbin council regul eec oj sale authoris commiss decis decemb declar concentr compat common market case iv areva alstom amp council regul eec oj transact areva propos purchas alstom amp busi india form part previou transact total amount eur million part text delet divulg confidenti inform seri dot squar bracket order make decis easier follow part replac refer footnot asterisk give confidenti approxim figur read quot order quot read quot order quot debt recit terminolog franc includ agreement august septemb confidenti inform indic trend oj read quot section quot alstom annual report hydro power segment compris product servic hydraul turbin pump mw hydro gener mw gener motor salient pole gener gate valv turnkei contract includ control system cover complet rang plant mw mw refurbish hydropow plant water pump station hydro mechan equip water transport inform provid franc alstom websit industri boiler busi includ product field erect boiler ton hour steam output fine circul fluidis bed boiler fi circtm mwe output packag boiler process steam ton hour fossil fuell plant mwe output biomass fuell plant mwe output thermal wast treatment plant oj oj direct amend act access read quot notif quot market breakdown provid inform purpos requir decis necessarili coincid relev product market definit assess merger case commiss market analysi cover industri turbin sector transmiss distribut amp sector sold born mind larg contract commonplac industri radic chang figur market share reduc significantli eur million contract sncf won earli consortium alstom siemen measur address franc case cdc ixi bulletin ec judgment court instanc septemb case bp chemic commiss ecr ii quotat french govern letter enabl commiss conclud guarante exist ibidem oj formula estim aid σi roll stock bogi market suffici physic product capac local plant presenc import factor railwai equip market railwai equip sector high speed train metro product substitut shipbuild case cruis ship lng carrier read quot line minimum reduct quot la courneuv site franc site form part industri turbin busi sold siemen point guidelin oj tabl case rescu restructur aid prescript period year oj regul amend council regul ec oj