commiss decis septemb authoris subject condit aid grant itali società italiana condott acqua spa notifi document number italian text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof notic parti concern submit comment accord aforement provis società italiana condott acqua spa condott compani oper engin civil infrastructur construct road railwai previous properti iritecna spa iritecna wholli own subsidiari iri spa iri turn wholli own italian treasuri iri wish restructur engin construct activ decid put iritecna liquid total cost itl billion ecu billion set subhold compani fintecna fintecna privatis iritecna profit busi condott record loss total itl billion period gross profit margin fell turnov low point sharehold repeatedli make compani loss total cost itl billion ecu billion loss condott consid potenti attract privat investor larg size order book main item order book deriv condott membership iricav iricav consortia contractor rome napl verona venic stretch project italian high speed rail network iritecna control stake condon amount time transfer fintecna view privatis restructur measur condott undertook reduc workforc write work hand prospect gener resumpt work high speed rail network led fintecna condott privatis earli expressli provid plan restructur iritecna submit commiss end advis appoint select potenti buyer condott decis ec decis commiss declar aid grant iritecna fintecna connect iritecna liquid compat common market decis authoris iritecna cover condott loss decemb amount itl billion ecu million articl decis requir complianc restructur plan approv commiss thing call privatis fintecna subsidiari includ condott reason time limit state aid decis adopt italian govern inform commiss sale condott suspend order time assess legal implic guarante iri connect high speed rail network project assess complet novemb procedur sale condott set motion object sell minor hold capit sold iri discharg guarante work high speed rail network time condott continu record substanti loss reach itl billion ecu million fall itl billion ecu million order replenish condott share capit erod loss fintecna oblig provid fresh fund itl billion march ecu million itl billion ecu million decemb result transact fintecna hold condott increas capit june respons request commiss italian author inform measur replenish condott share capit report negoti sale compani resum italian author view fintecna fund condott consid duti atto dovuto mean civil code condott put liquid final march fintecna sold capit condott privat investor ferrocemento spa ferrocemento contract sale includ claus fintecna ferrocemento option bui remain share predetermin price ferrocemento fintecna option sell price option valid month expiri iri guarante work high speed rail network event earli discharg iri june sale price base valuat itl billion ecu million condott fintecna replenish condott share capit bring itl billion time transfer fintecna interest condott trade result time transfer share achiev mean compens mechan adjust sell price remain capit june order compli claus requir replenish condott share capit fintecna provid fund itl billion ecu million commiss decid initi proceed articl treati respect fresh capit contribut year unsatisfactori restructur measur term privatis compani appear conflict condit laid decis commiss inform italian govern decis initi proceed letter august italian govern submit formal observ letter octob member state interest parti submit observ time allow letter decemb commiss request inform italian author inform suppli letter januari meet place rome januari italian author provid particular letter februari lastli commiss receiv copi compani balanc sheet decemb industri plan period inform furnish italian author show decemb fintecna provid condott capit inject amount itl billion ecu million adjust purchas fall condott asset inject total fund provid fintecna condott brought itl billion ecu million ii observ italian govern argu decis make provis inject fresh capit condott ii fintecna provid fresh capit resourc act privat investor monei constitut state aid iii infring condit impos decis italian govern argu measur refer consid state aid event declar compat common market articl treati point italian govern contend time decis commiss awar fund compani order privatis place commiss inform good time recapitalis oper condott progress sale compani restructur plan approv decis provid sound busi return sound foot transfer fintecna view privatis italian govern argu decis allow financ measur restructur construct industri industri condott oper decis italian govern contend fintecna parent iri commiss regularli inform progress privatis process meet rome june iri fintecna suppli inform need assess fact form basi articl proceed point ii italian govern argu fintecna help condott resourc gener fintecna activ contribut part state fintecna act accord privat investor principl action consid state aid italian govern state fintecna compar cost put condott liquid cost recapitalis privatis forese cost liquid exce recapitalis sale compani italian govern argu state aid caught articl italian govern state fintecna estim cost put condott liquid itl billion compani wound orderli fashion itl billion wound free fall fintecna conclud prefer recapitalis condott oper pend privatis end view fintecna behav privat investor fund inject condott constitut state aid point iii italian govern maintain compli condit impos decis refer total cost restructur commit restructur group privatis condott total cost plan approv commiss italian govern point decis authoris total itl billion aid itl billion monei subsidiari includ condott period itl billion estim cost put iritecna liquid deduct itl billion proce sale fintecna thing stand present italian author expect final cost maximum mention lower return sale condott decis compli turn restructur oper provid decis italian govern argu action realiti compli plan approv commiss reduct workforc indirectli product capac forecast figur commiss cite letter initi proceed refer activ workforc engag open end contract figur annual report includ staff fix term contract laid quot cassa integrazion guadagni quot wage compens scheme italian govern argu declin condott perform compar forecast plan call net profit itl billion itl billion due worsen market condit failur restructur compani italian govern contend result obtain condott compar directli restructur plan commiss approv decis failur achiev turnov call plan caus reduct itl billion condott gross margin year number oper item amount itl billion ad neg effect item forese time plan drawn restructur effort provid exceed oblig privatis laid decis italian govern point question court instanc european commun event fintecna compli condit sold condott quot reason time limit quot requir decis initi proceed commiss argu basi inform dispos sale condott consid genuin privatis share possess fintecna sold remain quot milan stock exchang italian govern argu privatis condott consid genuin definit sale link specif contractu claus make sale remain inevit decis sell compani instal due presenc contractu claus agreement high speed rail compani tav iricav consortium condon member consortium won contract award tav build rome napl stretch high speed network claus requir iri preserv quot major particip quot consortium work complet italian govern claus cancel agreement iricav consortium tav event contract sale condott entitl fintecna sell remaind hold support claim sale condott consid definit italian govern cite point fact italian competit author quot autorità garant della concorrenza del mercato quot found inquiri sale relat capit directli transfer manageri respons purchas fact auditor certifi condott account intend exclud compani result fintecna consolid account ground effect control decis requir privatis condott carri aid italian govern maintain financ fintecna gave condott amount itl billion ecu million consid state aid scope articl ground explain refer point ii altern aid consid compat common market financ provid connect restructur plan aim restor compani profit confirm privatis fund limit strictli ensur condott return market viabil iii light determin measur infring condit laid decis question compat aid condott approv decis reconsid order determin condit laid articl decis compli establish fund condott constitut state aid caught articl treati state aid fact grant consid aid measur condott compat common market explain decis found aid grant condott itl billion ecu million compat common market subject seri condit includ condott carri measur call restructur plan approv commiss ii fintecna subsidiari includ condott privatis accord timescal submit commiss case reason time limit iii incom sale compani assist compani difficulti sold iv state aid grant connect privatis oblig carri restructur measur call plan decis initi articl proceed commiss argu reorganis condott call restructur plan complet observ number employe open end contract increas period includ metroroma increas staff coincid unfavour econom situat loss itl billion itl billion observ italian govern contend figur commiss includ worker enter compani personnel regist libro matricola work laid cassa integrazion guadagni scheme italian govern compar compar figur pictur gt tabl gt italian govern figur show effici object plan achiev make proper comparison figur look averag number employe year estim basi arithmet averag end year figur success year gt tabl gt real averag figur line restructur plan subsequ easili exceed laid plan time partli consequ condott financi result heavili neg contrast provid plan plan anticip net profit itl billion fact net loss itl billion net profit itl billion fact net loss itl billion plan anticip net profit itl billion compani fact made loss itl billion suffici italian govern worsen situat due unforese declin market plan provid begin intern restructur measur enabl condott achiev gross industri margin structur cost equal turnov theori margin allow compani loss contain roughli itl billion fall revenu place industri margin commiss view pessimist forecast market prove justifi compani maintain substanti econom balanc resort capit inject fact condott industri margin neg made net loss excess corpor asset condott undertook stringent effort plan approv order deal manifest deterior market condit period prove difficult period experienc construct sector itali condott gener incom advers trade condit condott maintain adequ oper profit margin reduc structur cost drastic assum restructur plan approv commiss tabl gross margin reach net turnov compar figur anticip plan structur cost anticip plan result restructur measur adopt enterpris tabl condott financi result gt tabl gt compani net loss period result write asset line smaller margin capabl gener work progress work complet condott rationalis measur continu month headquart staff cut decemb march number decemb manageri staff appreci higher unit cost cut decemb march conclud condit impos articl decis compli view action compani contend market favour anticip restructur plan ii oblig privatis condott accord timescal submit case reason time limit factor felt justifi decis italian govern undertak privatis condott rapidli accord restructur plan basi inform submit consid decis privatis short time intent sell condott rapidli consid major factor assess aid grant iritecna thing view enorm aid iritecna construct sector time commiss accept restructur construct sector time decis light iritecna plan expect quot complet end quot allow compani sold reason articl decis expressli requir fintecna subsidiari privatis accord timescal submit commiss event reason time state aid procedur sale compani suspend shortli decis adopt set motion novemb italian govern studi legal implic contractu guarante iri work high speed rail network march contract conclud sale ferrocemento condott capit belong fintecna initi proceed commiss suffici inform establish sale consid genuin irrevers satisfi requir decis commiss rais doubt aspect transfer fintecna buyer power appoint manag financi implic fintecna loss condott term transfer remain capit possibl iri guarante respect high speed rail network contract met repli italian govern suppli suffici inform dispel doubt rais commiss transfer manageri power buyer respons appoint manag director amministrator delegato power manag compani subject authoris board director consiglio di amministrazion restrict relat act damag fintecna iri connect work high speed rail network board director made member includ manag director appoint ferrocemento fintecna chairman ferrocemento subject fintecna agreement basi inform conclud buyer take fintecna full power manag condott turn possibl futur loss condott born fintecna contract establish complex mechan adjust sell price share capit remain fintecna result exclud fintecna financi burden whatsoev deriv oper loss condott sell price set itl billion adjust includ portion born fintecna capit increas intend cover loss made transfer share ad price portion accru fintecna profit made condott distribut sharehold transfer share subtract price payment fintecna cover loss made condott refer date laid contract ad price item includ sell price index date transact date transfer remain capit rate interest laid contract basi inform confirm fintecna bear financi effect loss condott clear fintecna longer liabl compani oper loss point view liabil privatis condott regard complet fintecna continu hold major share capit contract lai mechan transfer remain share capit ferrocemento fintecna entitl transfer ferrocemento predetermin price januari june month discharg iri guarante high speed rail network ferrocemento entitl acquir fintecna predetermin price time date discharg guarante refer june month date discharg guarante iri transpir legal oblig parti complet transfer condott parti entitl call complet sale exercis oblig complet transact conceiv happen parti exercis case transfer condott complet condit laid decis compli italian govern undertak fintecna transfer remain hold condott contractu condit refer deadlin exercis option view commit fintecna remain hold condott consid temporari serv protect iri respect guarante gave connect contract high speed rail network acquir failur complet fact fintecna continu hold condott condit laid articl decis compli delai sale due circumst fintecna control contractu claus respect work high speed rail network power fintecna act object privatis condott rapidli object achiev explain virtu claus contract sale commit italian author transfer remain hold complet commiss note negoti take place iri tav compani award contract view remov claus requir iri continu hold absolut major capit condott commiss note posit outcom negoti speed formal transfer entir capit condott ferrocemento iii prohibit proce asset sale fintecna assist compani difficulti iv prohibit grant state aid connect privatis order determin fintecna compli condit set articl decis prohibit grant aid establish fund condott receiv consid invest market line constitut state aid purpos articl treati determin financi relat state public enterpris includ state aid compon caught articl treati commiss appli privat investor test financi flow case consider mean fund condott public resourc invest accord privat investor test iritecna plan condott transfer fintecna wholli own subsidiari iri industri hold compani wholli own italian treasuri italian govern appoint board director iri turn appoint board fintecna settl case law court justic european commun judgment march case itali commiss order establish aid measur consid state aid scope articl treati quot distinct drawn case aid grant directli state case grant public privat bodi establish appoint state quot fund condott directli state public fund affirm italian govern observ financi measur fintecna resourc gener oper busi obtain state fintecna oper cash flow unprofit purpos case condott reduc profit accru fintecna sharehold iri ultim state fintecna fund engag activ return enabl iri state obtain econom return invest lower return iri invest fintecna ultim reflect loss profit state fund condott provid directli state constitut state resourc order establish caught prohibit articl treati studi light privat investor principl principl financi transact state public undertak state aid compon accept privat investor oper normal market economi condit presenc state aid presum quot financi posit compani structur volum debt normal return dividend capit gain expect reason time capit invest quot analysi made condott financi posit year increas capit shown tabl tabl condott financi result gt tabl gt figur set show condott profit concern fintecna provid fund fintecna provid fund fact condott result fintecna expect signific return invest suffici plead cost put compani liquid higher recapitalis carri privat sharehold face declin market prospect imposs return viabil put compani liquid avoid costli recapitalis substanti reduc cost liquid sharehold subject unlimit guarante rule articl civil code liabl condott debt amount equiti compani possibl insolv proceed liabl amount significantli smaller inject condott financi resourc fintecna condott constitut state aid mean articl treati condit laid articl decis compli consider compat fresh aid grant compat aid receiv condott approv decis amount itl billion assess complianc decis total volum aid approv exceed decis expressli provid individu privatis oper financ state aid purpos oblig reduc distort effect aid grant ensur resourc acquir result sell off devot reduc cost put iritecna fintecna group liquid addit busi attract potenti privat investor transfer fintecna primarili view sale limit view restructur decis expressli prohibit aid busi principl state own busi privatis permiss grant state aid purchas sale place market condit busi contract sale requir acquir busi carri unprofit segment discontinu investor oper market condit sale condott privat investor sale carri complianc relev commun rule procedur subsequ abandon procedur termin sale compani ferrocemento entail make public offer bui busi investor initi interest sale fintecna civil engin busi submit offer shortlist ferrocemento submit bind offer admit due dilig stage procedur fintecna potenti investor equal foot sale offer chosen gave commiss reason conclud sale place market price aid ferrocemento acquisit condott contract sale claus specif oblig acquir continu loss make activ case element aid condott discern term sale explain aid grant condott constitut state aid scope articl treati result aid receiv compani commiss approv decis principl likewis unlaw possibl consid grant aid compat common market iv articl treati aid declar compat common market paragraph articl treati appli measur kind consider view varieti condott activ locat fact aid region object exempt provid paragraph deal aid facilit develop econom activ natur aid case consid aid restructur firm difficulti aid commiss publish guidelin state aid rescu restructur firm difficulti practic approv measur restructur firm difficulti test satisfi measur restor long term viabil firm ii measur avoid undu distort competit iii measur proport cost benefit restructur limit strict minimum need iv restructur plan fulli implement implement restructur plan monitor verifi commiss test satisfi commiss view effect aid contrari commun interest approv articl treati test restor viabil italian author submit restructur plan time decis intend restor condott profit onward aid condott itl billion held compat specif regard plan commun guidelin condott achiev financi result expect fall back public assist receiv itl billion explain point condott failur return profit result market situat forese time decis condott restructur plan commiss approv decis base prudent estim futur develop compani order book decemb portfolio work amount itl billion itl billion relat contract connect high speed rail network basi work schedul laid compani award contract reason expect condott turnov financi result develop shown tabl tabl forecast financi result condott gt tabl gt valuat due regard difficulti civil engin sector experienc sever crisi stage recoveri allow rate acquisit order condott potenti assum compani focus work relat high speed rail network crisi sector continu sever forese give sign recoveri half contract secur high speed rail network delai reason compani control interact factor condott turnov fact substanti lower forecast plan shown tabl amount itl billion figur forecast amount itl billion figur forecast year condott turnov year crisi industri condott oper face crisi market condott react take restructur measur provid plan secur net profit compani record posit oper result long time restructur measur concentr reduc structur cost reach level provid restructur plan cost provid restructur plan period compani step intern restructur effort aim return stabl level profit headquart staff item reflect structur administr cost reduc decemb march manag staff higher unit cost fall end march result oper restructur effort affect entir structur group condott succeed revers neg econom trend appar spite crisi construct sector gross margin turnov posit figur itl billion itl billion condott record net loss heavi due extraordinari item repres cost restructur restructur effort undertaken bring compani level profit futur year bear mind anticip slow work high speed rail network forecast industri plan present commiss tabl condott industri plan gt tabl gt result compani restructur effort period addit plan approv commiss decis condott reach satisfactori level profit forecast deterior market condit mind long term profit attain crucial contribut intern rationalis reduct capac basi favour market prospect consid test admiss aid restructur satisfi commiss note compani transfer privat sharehold state contractu term made financi liabl loss condott incur presenc privat control sharehold section iii assur condott prospect profit test requir aid avoid undu distort competit principl aid grant state firm undu distort free competit leav firm favour econom situat competitor effect offset reduct product capac industri construct substanti overcapac case restructur plan approv commiss decis provid signific cut product capac product capac construct firm term abil plan design term abil implement plan base human resourc signific reduct size condott human resourc base time decis relev declin product point substanti fall market share commiss held aid condon decemb satisfi test restructur aid condott receiv aid decis ask resourc affect trade member state manner contrari common interest condott put posit resourc financ trade practic enabl increas market share expens competitor receiv state aid explain condott reduc staff product capac reduct provid plan commiss view develop turnov provid plan tabl affect trade extent contrari common interest turn condott turnov period call plan rate incom order great deal slower shown tabl tabl condott turnov orderbook gt tabl gt clear figur result restructur compani condott compet world market order book work connect high speed rail network order won result format iricav consortia begin increas proport activ increas order book due acquisit iritecna share iricav consortium high speed rail network increas turnov direct consequ progress work consortium industri plan period drawn compani manag entail concentr order high speed rail network reduct compani presenc market futur turnov reduc result reduct distort caus grant aid time compani substanti reduc oper abroad number contract fallen significantli reduc product capac call restructur plan compani ultim competit posit affect trade extent contrari common interest test iii requir aid proport cost benefit state aid declar compat limit strict minimum need financ return viabil financ aggress competit practic extent restor firm profit inform suppli italian govern conclud fund provid fintecna condott need cover loss due write activ cost reduc product capac staff cut delai sale condott fintecna financ restructur effort laid iritecna plan order cope unexpect worsen market prospect commiss take view aid grant bring compani addit liquid unrel process restructur help financ aggress commerci invest practic restructur oper commiss observ condon qualifi tax credit respect loss cover fund contribut fintecna lastli recipi make signific contribut financ restructur oper burden born buyer compani mechan adjust price transfer share capit fintecna possess italian govern requir submit period report progress privatis implement restructur plan drawn condott adopt decis articl aid società italiana condott acqua spa condott decis relat capit inject grant year total itl billion aid grant approv commiss amount total itl billion constitut state aid mean articl treati articl eea agreement satisfi test laid commun guidelin juli state aid rescu restructur firm difficulti aid declar exempt articl treati articl eea agreement prohibit impos articl treati articl eea agreement aid compat common market provid articl compli articl itali transfer remain share condott privat sharehold term condit stipul contract sale term option exercis articl order secur full cooper arrang monitor decis itali provid commiss half yearli report condott econom financi situat commun good time main step transfer fintecna spa remain hold condott report set condott econom financi result june reach commiss decemb articl decis address italian republ brussel septemb commiss karel van miert member commiss oj oj footnot section iii point section iv point ecr paragraph commiss commun member state applic articl ec treati articl commiss direct eec public undertak manufactur sector part iii oj ibid paragraph oj