commiss decis juli state aid grant germani cbw chemi gmbh bitterfeld wolfen notifi document number german text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur march germani inform commiss accord articl ec treati privatis firm cbw chemi gmbh bitterfeld wolfen cbw case regist march state aid april commiss ask germani suppli addit inform refer germani suppli addit inform letter regist receiv refer august commiss inform germani letter sg decis initi formal proceed case decis publish offici journal european commun septemb germani repli letter regist receiv septemb refer septemb commiss letter germani refer septemb germani repli letter regist receiv septemb refer januari comment submit interest parti fischer amp limberg regist receiv januari refer januari comment submit interest parti fischer amp limberg repres schön nolt finkelnburg amp clemm regist receiv januari refer februari commiss forward comment receiv germani refer februari letter fischer amp limberg commiss regist receiv februari refer march letter cbw commiss regist receiv march refer april letter fischer amp limberg commiss regist receiv april refer june letter fischer amp limberg commiss regist receiv june refer june letter fischer amp limberg commiss regist receiv june refer june commiss ask germani number question refer juli germani repli letter regist receiv juli refer novemb talk held repres commiss germani berlin decemb germani suppli addit inform regist receiv januari refer februari letter mr thiem mr van miert member commiss regist receiv februari refer mr van miert repli letter februari refer ii gener descript reason initi formal proceed examin notif addit inform suppli germani commiss decid initi formal proceed articl ec treati reason doubt firm viabil data contain notif gave rise doubt firm abil remain busi posit result expect insuffici contribut investor origin propos share cost restructur insuffici distort competit incomplet natur inform suppli german author gave rise doubt overcapac relev market recipi aid chemiekombinat bitterfeld wolfen situat bitterfeld saxoni anhalt transform chemi ag attempt treuhandanstalt tha privatis entir firm fail ow lack interest buyer chemi ag split number divis result creation chemi gmbh bitterfeld wolfen cbw firm activ manufactur primari chemic product dye pharmaceut industri contract march divis cbw subsequ cbw chemi gmbh bitterfeld wolfen cbw mr bräutigam mr riemann amp total dem million top variabl price compon determin basi annual cash flow trend employe turnov dem million cbw meet definit small medium size enterpris sme financi measur bv gt tabl gt land saxoni anhalt gt tabl gt investor gt tabl gt contract date march share cbw sold amp price dem million addit variabl compon purchas price calcul basi expect cash flow period annual cash flow payabl septemb year year question initi proceed germani inform commiss price compon dem million firm significantli improv posit addit investor cbw liabil dem million amount fall due payment june purchas contract investor requir increas cbw capit dem million assum liabil dormant equiti hold dem million privat credit institut includ grant firm loan guarante investor total dem million dem million oper loan june carri interest annum dem million invest loan year interest rate origin intent cover loan guarante land saxoni anhalt commiss learn germani proceed bank waiv public guarante firm improv posit iii comment interest parti initi formal proceed group interest bui cbw fisher amp limberg amp express doubt amp fact submit aid iv comment germani commiss pass remark germani gave german author opportun comment germani respond letter march suppli detail choic investor tender procedur current posit firm assess aid exist aid mean articl ec treati aid connect privatis firm privatis measur element state aid condit met competit tender held open comer transpar condit perform act compani sold highest bidder bidder time inform carri proper valuat asset basi bid condit met measur question notifi payment made connect privatis assess light prohibit aid laid articl ec treati letter januari group amp alleg discrimin tender procedur commiss doubt tender procedur correctli implement sequenc event privatis process mid firm kpmg carri intern call tender purchas oper divis cbw firm person notifi interest alongsid tender privatis individu divis potenti group investor mr bräutigam mr riemann amp group fischer amp limberg amp consortium assess made kpmg manag committe leitungsausschuß meet held august amp amp submit realist tender divis sold consortium tender reject exorbit amount public monei requir seri tender separ privatis individu divis deem costli gt tabl gt end bv decid reduc number divis privatis examin tender reveal privatis divis profit march onward discuss takeov held amp amp april amp complain time bv amp competit advantag mr bräutigam previous work consult chemic depart tha draw manag bui plan make expert report financ tha bv fund alleg examin meet manag committe juli substanti manag committe reject accus improp conduct part bv kpmg made relev report amp answer request addit inform bv submit commiss report public prosecutor offic hall basi investig launch alleg fraud section crimin code respect member bv chemic work group manag committe investig close septemb ow lack evid view manag committe express meet august amp amp submit compar tender amp tender envisag slightli higher amount dem million public contribut interest point view approach involv higher risk septemb board director bv decid examin plan basi data tabl continu negoti amp lead satisfactori outcom amp conclud privatis contract amp board director request addit inform gt tabl gt inform suppli formal proceed bv decid favour amp plan reason doubt financi plan solvenc amp spite repeat request recent letter juli receiv detail group financi contribut group combin nomin capit dem million realist put financ dem million request inform group consist refus provid consolid financi statement group occas declar readi provid data busi activ individu firm bv time receiv inform public contribut concern bv doubt amp receiv fund land saxoni anhalt cover invest cost inform suppli land author calcul unrealist uncertainti group sme statu amp manag dispel doubt contrast plan amp sme statu doubt envisag aid equival invest cost plausibl reason bv decis strateg approach amp plan involv introduc made order product concentr quot toll process quot mean secur firm long term viabil intellig forward bv amp plan envisag increas turnov basi exist product end life analysi relev market show larg chemic compani basf hoechst increasingli farm product activ obtain chemic product longer produc produc amp plan account trend cbw transform firm produc chemic product order larg compani product question top rang net ad achiev central amp plan contrast cooper partner enquiri reveal compani interest maintain area activ case camposan product unit case pilot plant ii assess doubt tender procedur choic investor confirm proceed progress kpmg respons arrang call tender bv select investor basi quantit qualit criteria amp plan requir slightli higher public contribut amp clear tabl bv land put total dem million amp plan amp requir public fund dem million initi fact dem million contract conclud bv decid favour amp plan appear viabl view investor solvenc amp manag dispel bv doubt financi strength dem statu bv wish cost avoid situat privatis firm requir aid quot contract manag quot privatis criterion solvenc investor plai import role select buyer view minor differ public contribut envisag amp amp commiss support bv argument addit select amp bv opt modern plan cbw introduc made order product toll process commiss accept open transpar tender procedur condit perform act firm sold highest bidder privatis place accord relev rule examin liquid costli sale firm tha oper commiss view liquid firm consid econom altern privatis cost liquid lower cost aris sale firm process privatis deem includ element state aid case hand cost liquid region dem million net cash dem million commiss unabl verifi cost liquid estim germani estim view state social respons continu contractu oblig higher cost wind privat firm privat provid capit bear burden prefer insolv liquid reason deem privatis constitut process includ element state aid germani compli oblig articl ec treati inform commiss financi measur favour cbw individu aid measur rule measur support firm activ relev market distort trade member state measur land saxoni anhalt joint feder govern länder scheme improv region econom structur constitut state aid mean articl ec treati implement accord aid scheme notifi approv commiss measur bv deem constitut state aid mean articl ec treati put dem million assess light applic articl ec treati commun guidelin state aid rescu restructur firm difficulti amount dem million alloc dispos chemic residu period juli quot burden quot inherit dai german democrat republ constitut state aid treuhand arrang commiss view fund provid cover cost dispos burden classifi state aid firm investor made respons fell sole respons polit regim derog articl ec treati commiss examin aid question deem compat common market accord articl articl appli case natur measur involv germani claim condit derog met commiss derog articl applic provis aid facilit develop econom activ econom area consid compat common market aid advers affect trade condit extent contrari common interest cbw situat area underemploy standard live abnorm low main purpos aid case promot region develop rescu firm regard ad hoc aid design firm difficulti oper ail econom sector restor viabil aid deem compat common market meet condit commun guidelin state aid rescu restructur firm difficulti restor viabil assumpt worst case scenario draw restructur plan investor work basi extrem cautiou estim worst case scenario cover aspect amp estim cost element high level plan high depreci period year period depreci appli busi base actual life plant case chemic industri year staff cost estim high level investor number employe increas plan estim increas staff cost excess restructur plan aspect relat firm strateg approach envisag amp origin plan central compon plan merger divis econom entiti result synergist effect allow cost drastic cut time introduc made order product concentr toll process technolog cbw lead utilis product capac improv product amp rs busi plan synergist effect result merger introduct made order product toll process investor unabl predict restructur measur produc effect ii plausibl worst case scenario plan deem plausibl kpmg manag committe basi inform receiv proceed commiss support bv argument order assess plausibl restructur plan state assumpt made base annual cash flow order firm deem viabl term guidelin cash flow cover current activ mainten reinvest measur order cbw classifi viabl cash flow cover mainten reinvest measur precis mainten cost includ firm plan amount dem million annum view consider invest carri firm extens reorganis reinvest cbw stabilis cash flow requir cover mainten reinvest measur case cbw cash flow posit onward mean oper cost cover firm posit financ restructur plan present investor seri cost item set high level depreci high depreci period year purpos establish plan viabl depreci period appli correspond actual life plant assum total dem million invest plant replac invest depreci cost fact lower set plan basi firm show posit result earli number element amp origin plan adequ account restructur plan bv account assess plan viabil synergist effect introduct made order product toll process lead lower cost higher product iii firm current posit gt tabl gt gt tabl gt tabl show cbw financi posit improv consider turnov higher forecast increas relat worst case scenario notif base data suppli proceed realist reason improv posit attribut initi restructur measur undertaken involv firm market strategi merger research unit analysi centr introduct iso standard system german author cbw gain good reput chemic industri main player strateg custom sole basi newli acquir reput firm obtain firm potenti order year merger divis entiti introduct made order product highli success progress made wake restructur doubt bolster favour trend world market factor throw posit light restor firm viabil argument bv proceed initi greet sceptic situat cbw find todai confirm bv earlier assess restor firm viabil avoid undu distort competit doubt express proceed initi overcapac relev market confirm parti commiss inform capac situat market cbw product except anilin problem regard product view fact cbw sme situat region elig assist articl ec treati commiss strict demand capac reduct trend chemic market posit product pharmaceut industri concern rest anilin account total product commiss take view reduct capac case proportion aid account fact case involv manag financi contribut origin envisag investor inadequ germani inform commiss proceed view firm progress privat credit institut waiv state guarante land loan dem million total waiver mean investor contribut increas dem million constitut financ deem case involv manag bui ad variabl purchas price compon estim basi firm improv situat dem million background firm improv posit incumb commiss examin aid intens limit strict minimum need enabl restructur undertaken aid grant bv includ payment offset neg cash flow origin forecast dem million germani inform commiss proceed cash flow fact similar figur estim improv cash flow situat propos cash flow offset commiss view exce minimum need enabl restructur undertaken reason deem incompat common market vi conclus amount dem million made land saxoni anhalt joint feder govern länder scheme improv region econom structur constitut state aid mean articl ec treati grant entireti accord aid scheme notifi approv commiss measur bv deem constitut state aid mean articl ec treati amount dem million examin light commun guidelin state aid rescu restructur firm difficulti order determin articl applic amount dem million grant dispos chemic residu period juli constitut state aid doubt choic investor confirm proceed firm kpmg respons call tender rescu plan submit amp provid slightli higher public contribut amp bv chose amp plan consid viabl view investor solvenc group amp succe dispel bv doubt plan financi arrang solvenc criterion kei factor bv select buyer view insignific differ respect amount aid envisag amp amp commiss accept reason put forward bv decis choos amp bv opt modern plan involv introduc made order product toll process doubt express proceed initi firm viabil restor dispel inform suppli proceed fundament restructur plan deem viabl bv extrem cautiou assumpt commiss support assess posit cash flow result anticip firm oper cost cover firm principl financ bv expect restor cbw viabil born firm current posit posit cash flow investor share total cost restructur estim commiss ad variabl purchas price compon case involv manag bui investor contribut deem adequ firm current posit expect origin plan view posit gross cash flow similarli posit result commiss take view dem million payment offset neg cash flow exce minimum need firm restructur incompat common market adopt decis articl measur amount dem million germani intend order dispos burden firm chemi gmbh bitterfeld wolfen cbw inherit juli constitut sate aid mean articl ec treati state aid total dem million germani intend grant cbw form invest grant dem million payment cost demolit work infrastructur total dem million compat common market state aid dem million germani intend grant cbw form payment offset neg cash flow incompat common market aid grant articl germani inform commiss month notif decis measur compli articl decis address feder republ germani brussel juli commiss mario monti member commiss oj oj inform suppli bv meet novemb busi secret report competit polici point seq made partner buch umwelttechnik gmbh manifattura chemica italiana mr schmidt fourth unknown firm independ bodi set compet ministri evalu plan submit bv bound committe decis follow classif sme import ceil invest cost grant form region aid joint feder govern länder scheme improv region econom structur signific growth factor global success firm manufactur gener product pharmaceut industri agricultur sector main produc increasingli bui activ substanc footnot commiss decis activ tha case nn letter septemb sg letter decemb sg letter novemb sg oj aid nn letter septemb sg origin plan forecast neg cash flow offset abovement dem million payment cbw made divis anilin azo ost camposan nitro chloro benzol distil pharmaceut pilot plant made purchas price dem million take hive vehicl liabil dem million dem million capit increas grant invest oper loan total dem million loan includ investor contribut longer guarante land inform suppli bv talk novemb point privatis contract reimburs cash flow offset amount dem million neg cash flow commiss decis activ treuhandanstalt case nn letter septemb sg