commiss decis juli procedur relat applic council regul eec swissair sabena dutch french text authent text eea relev ec commiss european commun regard treati establish european commun regard council regul eec juli licens air carrier articl thereof regard request belgian govern background belgian state swissair société anonym suiss pour la navig aérienn swissair enter agreement acquir share capit belgian air carrier sabena sa sabena agreement set detail term condit acquisit right oblig parti govern sabena letter regist commiss belgian govern request commiss articl regul eec examin sabena compli requir articl ownership control sabena decis question letter accompani technic note copi agreement swissair exhibit includ draft sabena articl incorpor cooper agreement conclud carrier supplementari letter june regist commiss june belgian govern inform commiss parti conclud addendum date june amend agreement draft cooper agreement number point outlin entir transact belgian state swissair sabena base inform contain letter june enclosur ii sabena public limit compani société anonym set law belgium regist offic brussel fulli subject gener compani law rule prevail belgium articl incorpor defin object compani provis domest intern air servic activ ancillari air transport sabena share distribut belgian state hold directli indirectli société fédérale investiss sfi public hold compani share held air franc subsidiari finacta remain hand belgian institut investor margin extent current employe compani agreement swissair belgian state major capit transact sfi purchas sabena share present held finacta purchas financ loan bfr billion grant sfi swissair attach loan warrant circumst permit swissair purchas addit share sabena sabena share capit increas total bfr billion billion subscrib initi belgian state belgian institut investor divid share billion sfi divid share remain billion swissair divid share capit increas result sabena vote share own swissair remain parti share own belgian state sfi agreement institut investor act singl special purpos vehicl establish belgium major ownership effect control belgian nation belgian state sfi enter sharehold agreement special purpos vehicl vote arrang mutual right refus respect share sabena arrang ensur inter alia joint view belgian state sfi prevail institut investor swissair pai addit bfr billion return special particip certif issu sabena certif characterist part capit stock sabena regist carri vote right entitl holder dividend ordinari capit share minimum issu price liquid entitl holder repay origin issu price prior repay capit stock exclus share liquid surplu parti agreement entitl condit subject refus parti sell float part share sabena sale flotat carri ensur sabena compli requir regul eec sabena articl incorpor provid transfer share notifi carrier board director turn oppos transfer complianc requir affect iii parallel implement transact section ii sabena termin structur link air franc result protocol accord april henceforth govern manag parti agreement accord rule set gener meet sabena sharehold vote right correspond percentag share capit held individu parti gener meet decid major vote cast amend compani articl incorpor includ legal form corpor purpos increas decreas share capit liquid merger split compani gener meet empow decid simpl major vote issu distribut dividend approv annual account compani appoint dismiss member board director statutori auditor discharg member board director statutori auditor matter refer meet board director ground board member conflict interest agreement sabena articl incorpor provid gener meet aggreg vote cast commun assimil nation person control nation account total vote subject power reserv gener meet board director determin compani gener polici decid strateg issu adopt busi plan annual budget materi fleet invest materi network configur board deleg dai dai manag chief execut offic ceo deleg detract full manag power board director retain ultim respons decis parti compli gener rule provid belgian compani law board compris twelv member includ chairman decis simpl major provid member present repres board member retain cast vote appoint dismiss gener meet subject condit provid agreement board member appoint accord propos made swissair board member appoint accord propos made belgian sharehold chairman appoint joint propos made group sharehold case parti agre joint propos time limit swissair propos prevail contrast preced group board member gener meet free accept reject propos board member chairman dismiss request sharehold propos appoint dismiss oppos major gener meet chairman dismiss time major vote gener meet agreement chairman member appoint propos made belgian sharehold nation member state assimil nation order safeguard sabena statu belgian air carrier applic commun legisl belgium bilater air servic agreement board member dismiss ceas hold offic ground replac provision opt board propos relev group sharehold definit elect gener meet chairman opt joint propos group sharehold belgian govern letter absenc agreement joint propos posit chairman fill option remain temporarili vacant dai dai manag compani entrust ceo term addendum june appoint dismiss board director act simpl major joint propos major chairman board member appoint propos belgian sharehold major board member appoint propos swissair agreement posit ceo combin chairman board parti agre belgian govern state letter intend combin circumst concentr manag influenc hand swissair appointe board director respons appoint dismiss chief financi offic member execut manag appoint made propos ceo case chief financi offic swissair iv agreement set basic principl manag sabena principl includ compani oper profit orient competit airlin high qualiti imag cooper close swissair end carrier enter draft cooper agreement primarili creation common plan verif process basi model develop swissair joint plan function area fleet invest rout network develop establish joint system manag function respons design select market product carrier network profit assign cooper framework plan line manag respons rout area africa europ belgium sabena remain rout area swissair respons discharg accord standard procedur defin swissair combin part parti oper area market programm reserv system sale organ time relev claus draft cooper agreement explicitli provid carrier retain function respons common plan verif process joint function submit result work prior approv board director respect carrier stipul joint system manag function impli limit respons carrier financi result deleg decis make author distribut rout oper carrier belgian govern contend letter draft agreement relat essenti plan manag cooper procedur leav final determin substant issu carrier board director cooper agreement intend conclud initi term year termin parti extend automat period year claus agreement relat applic common plan verif process standard procedur plan line manag rout area review parti year view maxim effici competit carrier moveov agreement scenario futur stuctur sharehold sabena sell right mention section ii belgian state option acquir share held swissair gener interest substanti prejud remedi found period month prior end price paid share equal price initi paid swissair interest date determin intern invest bank agre parti swissair option acquir major vote right sabena exercis warrant attach loan grant sfi requir belgian state sfi sell part hold refrain particip increas capit sabena exercis option depend entri forc agreement commun switzerland unilater chang relev commun rule implement transact sabena lose statu commun air carrier regul eec option exercis year request belgian state impli split sabena safeguard carrier continu design applic air servic agreement countri view condit uncertainti result therefrom belgian govern take view swissair option acquir major vote right current incid corpor govern sabena cover govern present request final note addendum june agreement termin automat event due chang regulatori environ provis longer safeguard sabena statu commun carrier regul eec legal assess vi regul eec form integr part council regul eec eec aviat packag juli establish intern market air transport hand articl regul undertak establish commun permit territori commun provid air transport servic grant oper licenc grant mainten licenc turn subject undertak compli rule laid regul hand air carrier licens accord rule enjoi free access intra commun rout regul eec commiss decis eec viva air note virtu decis eea joint committe regul eec ben includ scope applic eea agreement effect juli purpos appli regul efta member state particip eea agreement nation assimil member state commun nation background present case assess vii articl regul eec set substant requir holder oper licenc respect princip place busi regist offic locat licens member state main occup air transport isol combin commerci oper aircraft repair mainten aircraft own continu own directli major ownership member state nation member state time effect control state nation instanc nation licens author verifi individu undertak compli abovement requir articl paragraph articl commiss act request member state examin complianc requir decis commiss take view member state includ respons licens undertak question make request articl purpos provis belgian govern letter consid request member state oblig commiss examin sabena compli requir articl agreement belgian state swissair examin compris analysi swissair option acquir major vote right exercis option explicitli made subject chang regulatori environ swissair acquir major ownership effect control sabena reason base text agreement amend addendum june account termin addendum note transact provid agreement consider size signific impact air transport market requir articl subject interpret commiss court justic view circumst regard import uniform applic articl proper function intern air transport market commiss consid decis present case viii sabena compli requir relat princip place busi main occup enshrin articl regul eec note respect agreement sabena remain separ legal entiti regist offic corpor headquart belgium sabena articl incorpor defin compani purpos provis domest intern air servic activ ancillari air transport commiss conclud agreement affect sabena complianc abovement requir ix commiss verifi sabena compli requir major own effect control member state nation member state provid articl regul eec major ownership effect control requir reflect level commun restrict tradition impos air carrier virtu intern air servic agreement restrict initi justifi ground nation secur nowadai primarili design ensur traffic right exchang agreement exploit effect benefit partcip parti exercis directli subsidiari compani countri prevent countri compani oper countri present countri compani oper servic wholli state group state subsidiari establish state group state commiss take view provis articl appli light applic account object safeguard interest commun air transport industri impli notabl compani countri allow full advantag unilater basi commun liber intern air transport market word compani benefit intern market particip ownership control limit set articl requir major ownership effect control examin separ light preced consider commiss take view major ownership requir compli share capit air carrier concern own member state nation member state remain share held investor countri sharehold consid incompat articl emphas scale countri invest distribut share group sharehold account assess complianc effect control requir enshrin articl commiss consid articl refer concept ownership undertak essenti base notion equiti capit holder capit particip decis affect manag undertak share residu profit event liquid residu asset undertak oblig met commiss decis ec juli notifi capit increas air franc condit exercis right vari agreement particip parti question type capit qualifi equiti capit account ownership concept articl answer case case basi light relev circumst includ consequ complianc effect control requir capit confer holder abovement right appreci extent gener disregard determin ownership situat undertak present case financi transact requir agreement result share vote share sabena held swissair purpos regul eec consid countri compani swissair subject ownership control restrict applic law switzerland remain share vote share sabena own belgian state sfi belgian institut investor current employe compani share total vote share own belgian state sfi institut investor particip capit increas agreement swissair receiv special particip certif return addit bfr billion contribut undistribut surplu reserv sabena certif carri vote right entitl holder share residu asset compani event liquid contrari repaid event origin issu price prior repay capit stock gener give rise minimum return issu price exclud financi risk holder commiss take view special particip certif essenti form loan capit present purpos constitut equiti capit ad vote share sabena assess compani ownership situat articl final note context swissair receiv warrant return loan grant sfi warrant entitl holder subsequ purchas addit share sabena agreement explicitli regulatori environ chang swissair acquir major ownership effect control sabena swissair exercis warrant increas particip sabena initi envisag level exercic warrant subject condit restrict exercis option acquir major vote right enjoi swissair warrant affect ownership situat sabena extent make assess framework present procedur view preced consider commiss conclud agreement sabena compli major ownership requir enshrin sentenc articl xi effect control defin point articl regul eec relationship constitut right contract mean separ jointli regard consider fact law involv confer possibl directli indirectli exercis decis influenc undertak part asset undertak right contract confer decis influenc composit vote decis bodi undertak confer decis influenc run busi undertak commiss consid definit effect control interpret appli context articl discuss section ix individu case assess light object safeguard interest commun air transport industri impli compani countri allow full advantag unilater basi commun liber intern air transport market word countri compani benefit intern market particip ownership control limit set articl articl requir effect control exercis member state nation member state act individu member state nation member state contrast word abovement objec articl exclud effect control exercis natur legal person countri natur legal person decis influenc mean point articl carrier concern regard preced consider commiss take view essenti articl requir member state nation member state individu act member state nation member state ultim decis make power manag air carrier concern msut directli indirectli appoint decis corpor bodi carrier final kei question carrier busi plan annual budget major invest cooper project abil substanti depend support natur legal person countri emphas point articl requir gener principl appli regard consider fact law involv impli individu case assess merit gener perspect effect control requir appli case case basi basi sabena complianc effect control requir agreement examin vote arrang belgian sharehold commiss note belgian state sfi belgian institut investor particip capit increas hold major vote share sabena bound sharehold agreement vote arrang ensur joint view belgian state sfi prevail practic sabena major sharehold act singl entiti prevent swissair take advantag exist sharehold belgian side sabena corpor govern corpor govern sabena instanc note primari respons manag compani entrust board director agreement board power determin sabena gener polici decid strateg issu includ limit adopt sabena busi plan annual budget materi fleet invest materi network configur envisag deleg dai dai manag ceo detract full manag power board director matter belgian compani law commiss consid composit vote rule board director kei import present context sabena board director compris member decid question simpl major belgian sharehold entitl appoint dismiss member nation member state swissair right respect member board member repres belgian sharehold jointli veto decis board support board member special rule govern appoint dismiss member chairman board nation member state member appoint joint propos made group sharehold agre joint propos propos swissair agreement explicitli gener meet free accept reject propos meet time dismiss appoint chairman major vote belgian sharehold hold absolut major vote gener meet ultim decid chairman import time requir resign chairman commiss take view propos chairman endors swissair essenti depend continu support belgian sharehold carri duti belgian sharehold posit reinforc fact except case deadlock parti repres hold absolut major board director autonom decis support decis make mechan agreement ensur interest belgian sharehold ultim prevail decis board director account fact ceo assum respons dai dai manag compani limit set board director reserv individu decis deleg manag power ceo purpos effect control requir articl consid secondari import compar role board director strengthen ceo posit result combin post chairman board director made subject agreement belgian state context commiss take note belgian govern intent combin circumst concentr manag influenc hand swissair appointe case rule govern appoint ceo ensur belgian sharehold enjoi veto power stage select process post thirdli agreement confer limit power gener meet sharehold sabena except power relat appoint dismiss chairman board director discuss role gener meet restrict protect essenti invest interest interfer manag compani issu reserv gener meet decid simpl major vote joint action belgian sharehold swissair retain veto right amend sabena articl incorpor increas decreas share capit liquid meger split compani veto right reflect normal degre minor sharehold protect prescrib compani law member state includ belgium commiss consid veto right swissair enjoi gener meet sabena sharehold incid present context regard forego consider commiss conclud term corpor govern sabena agreement detract ultim decis make power belgian sharehold confer swissair power incompat effect control requir articl draft cooper agreement cooper swissair sabena note carrier enter comprehens cooper agreement initi term year extend automat period year cooper envisag qualifi long term strateg natur bring structur parti commiss gener consid prejudic rule commun law articl design prevent commun air carrier cooper carrier countri long term strateg basi provis read prohibit commun carrier limit commerci freedom context long term strateg cooper carrier complianc effect control requir endang countri carrier empow term cooper substitut substanti basi decis compet corpor bodi commun partner examin claus cooper agreement conclud swissair sabena provid transfer decis make power draft cooper agreement annex agreement requir sabena follow plan verif process develop swissair respect standard procedur defin swissair plan line manag activ swissair assum respons plan line manag rout area present serv sabena rout north america relev claus draft cooper agreement explicitli stipul substant propos emerg joint plan activ submit board director respect carrier prior approv similarli assign plan line manag respons understood impli deleg decis make author distribut actual rout oper carrier basi document inform provid belgian govern commiss take view sabena abovement oblig draft cooper agreement essenti procedur natur includ transfer decis make power substant issu swissair note import claus draft cooper agreement subject review parti year sabena possibl influenc standard procedur cooper swissair commiss conclud draft cooper agreement present version includ term incompat effect control requir articl gener consider final place individu element discuss preceed paragraph entir transact respect context instanc belgian state possibl revers entir transact exercis call option acquir share held swissair possibl consid event irreconcil differ parti nonetheless repres threat effect swissair systemat avoid take action essenti interest belgian state equal agreement explicitli requir swissair effort avoid action endang sabena statu commun air carrier regul eec claus agreement transfer share stipul parti exercis right thereund exercis jeopard statu sabena commiss consid element addit safeguard dilut ultim decis make power belgian sharehold manag sabena commiss take view evalu consequ substanti invest countri air carrier commun carrier account broader context invest take place commun aviat relat countri question addit consider requir view purpos ownership control requir discuss section ix safeguard interest commun air transport industri impli compani countri allow full advantag unilater basi commun liber intern air transport market swiss rule ownership control air carrier requir carrier share capit third seat manag bodi held swiss nation person assimil swiss nation virtu intern agreement requir larg compar articl regul eec swiss commun legisl provid possibl liber arrang conclud countri reciproc basi aspect note march council european union adopt decis author commiss negoti comprehens air transport agreement commun switzerland decis envisag subject except rule govern commun intern air transport market extend switzerland view broader context agreement belgian state swissair examin decis essenti transit natur provid interim solut exist ownership control restrict switzerland commun lift reciproc basi eventu elimin restrict anticip agreement parti agreement explicitli accord swissair option acquir major hold sabena balanc addit element discuss section provid evid support conclus sabena effect control belgian sharehold agreement xii regard preced consider basi document inform belgian govern provid letter june commiss conclud regard term notifi agreement belgian state swissair amend addendum june sabena compli requir articl regul eec decis effect adopt decis articl term notifi agreement belgian state swissair amend addendum june sabena compli requir articl regul eec articl decis address kingdom belgium brussel juli commiss neil kinnock member commiss oj oj oj oj oj hand column top oj oj oj oj oj