commiss decis march aid provid unit kingdom govern british aerospac purchas rover group hold author commiss decis eec author maximum aid oper subject condit english text authent eec commiss european commun regard treati establish european econom commun subparagraph articl thereof notic accord articl interest parti submit comment april commiss initi procedur provid articl respect measur unit kingdom govern author decis eec decis commiss consid measur constitut state aid mean articl british aerospac bae purchas rover group measur estim million commiss consid aid measur illeg breach decis notifi commiss measur unit kingdom govern cite open procedur subject commiss decis juli decis rule februari court justic european commun annul decis decis requir unit kingdom govern recov bae state aid commiss consid measur entail court rule appeal bae decis court found bae procedur ground take decis commiss fail observ procedur rule laid articl court pronounc substant issu decis letter date juli unit kingdom govern confirm observ letter april open present procedur commiss receiv observ bae june observ summar part viii consid part ix commun unit kingdom govern june unit kingdom govern make comment framework procedur open letter april commiss letter date juli drew attent unit kingdom necess event aid measur question found incompat common market requir time final neg decis recoveri interest princip amount question run effect date payment aid neutral undu advantag accru bae rover group dai copi letter transmit bae rover group unit kingdom govern repli commiss letter april letter septemb content summar part bae repli commiss letter juli letter date august content summar part viii ix xii copi letter transmit unit kingdom govern unit kingdom govern make comment letter ii decis notif unit kingdom govern propos provid capit million rover group write debt context sale govern bae decis describ detail background notif context sale bae criteria rational underli commiss decis condit impos kei element decis contest unit kingdom govern parti relev present decis summar debt write million propos unit kingdom govern exceed propos million acquisit price rover group bae meant govern sell rover group neg price equival million constitut state aid mean articl commiss conclud net indebted rover group june fact amount million million maintain unit kingdom govern figur includ million work capit consid financi debt commiss accept acquisit price rover group million paid bae reflect fairli real net worth compani market restructur aid rover consid compat common market articl view inter alia provis corpor plan group period commit purchas implement full restructur plan aid subject seri strict condit amount restructur aid light prevail condit includ cost restructur plan limit million order satisfi criterion proportion relat problem seek resolv aid amount compat common market place rover group favour financi posit commun competitor basi commiss author maximum state aid rover group million meant unit kingdom govern effect sell compani neg price million debt write million acquisit price million author subject specif condit alter propos term sale rover group bae notifi aid exclus repay financi debt rover group aid grant rover end except maximum region grant million complet rover corpor plan end carri accord detail commun commiss repay unit kingdom govern effect complet corpor plan underspend overvalu debt item commun commiss parliamentari assur rover group end guarante subsequ oblig incur compani iii decis base evid emerg subsequ adopt decis evid contrari term decis unit kingdom govern alter term sale rover group confer addit aid amount million bae rover group matter consid chapter iv decis reassess acquisit price paid bae rover group light relev inform suppli unit kingdom govern inform includ correspond interest parti depart trade industri dti advic govern conduct sale rover group relev correspond unit kingdom tax author financi statement rover group june profit cash flow forecast made earlier commiss conclud failur unit kingdom govern suppli inform commiss time decis constitut failur cooper inform gave commiss reason neg price million result decis fair price seller purchas light inter alia restructur commit oblig bae sell core busi rover group year oblig signific discount effect price iv novemb report control auditor gener unit kingdom nation audit offic nao publish secret nao memorandum attach thereto reveal addit financi concess made unit kingdom govern bae author decis concess put nao million main conclus nao report acquisit price rover group fell short real compani memorandum reveal exist side letter contract ident candid buyer exist valuat rover group made merchant bank advis govern sale correspond meet commiss unit kingdom author document refer nao memorandum inform document transmit commiss matter emerg subject decis grant million made bae unit kingdom govern cover part million cost bae purchas rover minor share level million chosen order remain million threshold parliamentari approv requir industri develop act concess reason commun chairman bae secretari state trade industri letter juli unit kingdom author commiss oral inform time decis concess million paid unit kingdom govern rover group cover advic cost incur compani result sale unit kingdom author argu time sum repres cost legal econom advic rover group link sale constitut aid affect competit posit rover group concess commun chairman bae letter secretari state trade industri date juli payment purchas price million rover group defer august march result unit kingdom author net benefit bae million unit kingdom author concess due difficulti establish confid rover tax advantag bae unit kingdom author commun agreement bae propos defer payment letter date juli secretari state trade industri chairman bae benefit bae defer calcul assumpt absenc bae borrow million pai interest base rate unit kingdom author view gross benefit million reduc addit tax payment bae paid higher profit due defer payment commiss carri full reapprais matter conclud state aid mean articl aid incompat common market concess individu commiss make gener observ kei conclus decis state aid entail sale rover group bae rover posit book sold bae neg price exclus negoti sale term entail definit state aid seller buyer subsequ revis term sale involv financi cost born exclus seller increas neg price constitut state aid individu concess million grant paid bae constitut aid mean articl payment financ letter juli secretari state trade industri chairman bae acknowledg mean direct industri develop act section grant bae word financ approv aid scheme payment constitut definit state aid revis term sale rover bae author commiss confer financi advantag exclus bae ad state aid entail term aid form part notifi term sale constitut alter propos term sale contrari condit articl decis assert unit kingdom govern commiss inform concess incorrect propos made secretari state trade industri member commiss respons competit time firmli reject letter juli depart trade industri dti bae level million recommend real cost level million grant million requir parliamentari approv bear greater risk challeng repay requir million advic cost paid rover group constitut aid rover group mean articl cost repres normal transact cost account final sale price confer financi advantag rover group ad state aid author decis defer purchas price month result benefit million bae constitut aid mean articl date payment purchas price compani transact bae purchas rover group materi term transact group materi term transact confer financi advantag bae ad state aid author decis calcul bae month defer payment purchas price commiss earlier accept draw decis methodolog propos unit kingdom author entail base calcul notion interest bae pai loan million month assumpt bae paid interest base rate borrow million short term basi privat bank result million commiss accept bae rais financ varieti wai intern cash resourc long term loan favour term fact bae argu rais financ long term bond issu year interest cost issuer claim cost million month million calcul unit kingdom govern bae calcul assum monthli interest payment fallen due payment period question ignor consequ borrow year meet month liabil interest payment fall due remain month loan risk interest inflat rate commiss accept contriv calcul methodolog repres reason measur bae deferr month payment oblig event bae virtu deferr conced govern postpon rais year loan deferr actual term loan rais concess defer take loan commiss perceiv deferr notion interest accru loan rais month period propos unit kingdom author adopt base rate calcul notion interest logic realist approach repres prime rate bank unit kingdom lend custom short term basi commiss conclud state aid entail deferr million commiss accept approach adopt unit kingdom author disclos aid gross amount aid reduc million account fact financi charg occas loan reduc bae profit tax liabil rate corpor tax arriv net figur million analog made case aid element entail loan reduc rate case commiss constant practic full gross reduct interest rate constitut state aid element loan commiss adher present case establish practic defin state aid circumst gross deferr consid state aid put million decis establish author aid rover group extens unnotifi aid oper distort competit affect trade member state constitut state aid mean articl fact actual recipi aid bae engag wide rang commerci activ commun worldwid alter conclus moment sale rover bae directli involv trade motor vehicl member state sole ownership continu econom entiti rover group vi aid fall scope origin notif million debt write rover group notifi commiss provid articl unit kingdom govern fail notifi plan grant addit aid advanc commiss unabl state view measur implement aid illeg award breach articl respect recal view imper charact rule procedur laid articl import public order direct effect court justic recogn rule june case illeg aid issu remedi posteriori vii state aid measur identifi compat common market commiss account relev element includ econom market context account decis condit impos decis para court judgement octob case itali commiss context rememb object effect addit aid measur conced bae unit kingdom govern make favour bae term acquisit rover group compar term author commiss decis compat common market term articl stipul commiss commiss stipul term repres maximum aid consid compat articl view commit restructur plan implement restructur plan remain basi compat author aid million unauthor aid million fall consid commiss found evid chang circumst fact warrant revis conclus arriv decis million maximum state aid oper consid compat common market argument effect put forward unit kingdom govern bae conclud addit aid grant bae purchas rover group subsequ decis incompat common market viii observ submit bae summar addit concess bae grant unit kingdom govern benefit result sale rover group bae undervalu ii benefit affect conduct rover group busi sale bae distort trade iii bae rover group innoc parti act good faith iv benefit bae bought rover group realiz commiss object prejud recoveri benefit punish bae rover group unjustli enrich unit kingdom govern vi benefit constitut state aid privat investor posit unit kingdom govern time sale agre concess anxiou jeopard sale social conscienc minor sharehold vii evid benefit effect trade commun shown affect behaviour bae busi grant govern viii benefit regard state aid correctli quantifi reason firstli commiss apport bae busi commiss overestim defer payment purchas price rover group reli interest rate unit kingdom govern purpos thirdli aid repay order commiss incid taxat benefit bae defer payment purchas price ix commiss decis unlaw recoveri interest determin accord practic commiss prevail date set repay aid foreshadow commun initi procedur pursuant articl commiss reli wrongdo fail adopt law decis order worsen posit bae rover group appli administr practic adopt subsequ establish principl develop legal system law administr practic retrospect effect connect court justic judgment case annul commiss decis failur follow practic prevail materi time chang time contest decis xi judgment court justic cite letter juli author proposit interest charg date unlaw state aid grant court made statement case commiss decis issu court judgment march order recoveri interest fact case fncepa remov present proceed xii appli practic connect defer payment commiss compound penalti impos bae effect bae liabl penalti penalti british govern reap larg windfal reward find act unlawfulli requir pai interest effect date receipt aid worsen bae posit rel obtain british govern bae agre payment purchas price rover group defer effect penalti ad aris commiss failur account calcul notion interest defer payment purchas price rover group actual interest rate bae obtain monei market differ incid unit kingdom taxat aid repay argument consid seriatim succeed section ix bae argu viii evid open present articl procedur commiss assum benefit british govern sold rover group bae undervalu true commiss made clear decis examin price paid bae rover group light document emerg subsequ decis conclud element contain alter origin view million cash acquisit price million neg price govern sold rover group account million debt write repres fair price buyer seller view condit attach sale argu bae commiss erron misl unit kingdom govern believ bae bui rover group term set decis irrelev commiss base decis term decis accept parti concern ensur aid measur satisfi treati criteria compat present case decis set maximum amount aid consid compat argument viii ii bae maintain causal nexu exist benefit conduct rover group busi bae purchas rover group amount quot water bridg quot commiss accept oblig identifi undertak commerci behaviour differ receiv state aid aid manifestli absurd impos oblig undermin role commiss control state aid aid affect trade member state establish event award aid undertak trade commun virtu improv financi posit undertak affect intra commun trade rise distort competit argument viii iii commiss consid circumst case establish undertak innoc parti act good faith order requir repay illeg incompat state aid commiss decis eec toyota unit kingdom fact evid present case unit kingdom govern bae fulli awar potenti problem articl entail benefit conced govern letter secretari state trade industri chairman bae juli bear claim unit kingdom govern bae unawar likelihood concess negoti time rais problem commiss detect letter secretari state present possibl revis notifi term acquisit defer payment million consider term defer payment million consider offer possibl ascend order risk defer pick european commiss case requir repay notion interest save content whichev option prefer argument viii iv bae suggest repay benefit bae prejudic commiss object bae wrongli imput object commiss evalu case firstli rover group remain public ownership sold privat purchas rover group sold bae rover group competitor object commiss commiss object focus exclus ensur criteria object set articl treati respect case privat rover group matter unit kingdom govern point hypothet sale rover group competitor bae argu rise competit issu rais sale bae fallen consid articl argument viii commiss accept extent state aid measur compat common market refrain come decis unaccept parti directli affect ensur term decis ensur project notifi ahead contrari bae argu commiss attempt make bargain favour parti gross detriment parti act good faith commiss base origin decis notifi term sale rover group revis term sale notifi commiss contrari deliber conceal bae grievanc commiss conclus reach revis term final emerg nao investig similarli alleg injustic enrich unit kingdom govern aris repay aid bae irrelev purpos articl repay state aid unlawfulli receiv essenti object restor statu quo ant concomitantli abolit distort competit argument viii vi bae maintain privat seller posit unit kingdom govern moment sale fact accept concess bae constitut state aid bae argu concess grant pursuant enforc provis bind contract govern bae gave valuabl consider return ahead purchas individu concess repres normal commerci transact privat seller unit kingdom govern posit expect agre commiss part consid concess legal bind parti domest unit kingdom law immateri consider statu state aid commiss constrain consider state aid case allegedli legal bind statu transact examin transact divulg place commiss understand motiv parti agre concess avoid full repercuss commiss conclus term acquisit rover group evid letter juli bae chairman secretari state trade industri claim bae gave valuabl consider concess concess repres unilater revis term rover group acquisit letter juli vi vi notifi term acquisit exclus expens unit kingdom govern accept privat seller acced concess demand purchas moment normal practic alter fact repres materi chang term contract notifi commiss term notifi acquisit entail signific amount state aid place revis term give unilater financi concess bae automat constitut state aid state aid charact concess born bae argument sale ahead argument viii vii commiss posit effect aid measur intra commun trade set paragraph part argument viii viii commiss address part question relat apport aid measur commerci activ bae explain basi calcul state aid entail defer payment sale price commiss tax incid bae defer subsequ order govern recoveri aid form part calcul modal nation tax regim context matter nation author commiss interven modal account adapt give favour treatment individu undertak consequ se state aid element direct effect competit undertak member state case present instanc commiss account tax incid aid measur calcul gross net grant equival individu aid measur compat detract fact gross amount constitut aid respons argument viii ix xi observ relat content bae posit worsen express requir recov interest decis simpli order recoveri total million aid receiv expressli order interest princip amount recov infer decis interest recov decis implement interest whatsoev recover econom logic court judgment march call tubemeus case cite viii xi recoveri interest recoveri princip amount establish previous exist situat paragraph judgment undu financi advantag supplementari aid mean articl accru recipi unlaw aid present case increas postpon effect date repay contest court justic bae rover group interven period permit benefit financi advantag commiss view place final note court judgment march hand commiss decis juli case judgment confirmatori consist line case law purpos necess recoveri state aid grant unlawfulli bae maintain viii ix decis unlaw recoveri interest determin accord practic prevail date set repay aid commiss letter date juli notifi unit kingdom author neg decis repay order million effect august correct commiss constant practic time decis requir recoveri state aid unlawfulli paid requir recoveri aid effect provis nation law includ govern interest late payment debt due state unit kingdom relev rule point proceed high court recoveri debt damag includ sum judgment simpl interest rate court fit rule court provid run date action aros section suprem court act parti plead specif claim interest abovement section suprem court rule order rule interest run event date judgment applic debt due crown section section crown proceed act subsequ decis march commiss initi practic notic member state requir decis recoveri state aid unlawfulli paid interest amount aid recov run date effect payment thereof practic exist decis commiss accept content advanc unit kingdom author bae polici appli retrospect relat date interest run case date applic nation rule obtain materi time time decis financi posit bae rover group worsen compar obtain juli requir pai interest princip amount question effect date princip amount term decis paid august connect recal decis unit kingdom govern signifi commiss intent compli term decis effect proceed issu high court bae rover group recoveri sum million recoveri sum million case plaintiff dti claim origin writ summon interest pursuant section suprem court act rate court period august date issu writ period date judgment sooner payment rate abovement interest fix fail determin unit kingdom author accord law practic materi time matter recoveri state debt similar case ident natur unit kingdom answer argument summar viii xii suffici recal commiss respons observ made parti seek requir interest run effect date receipt aid question date princip amount paid decis decis found court vitiat procedur defect observ rectifi present decis procedur defect parti concern afford opportun put observ commiss bae rover group obtain benefit judgment februari court justic refer paragraph event argument put forward head repos misconcept bae confus quantif princip amount aid measur million repres defer payment purchas price rover group interest paid princip quantifi mistakenli refer penalti commiss address question quantif princip amount paragraph viii persist view method bring fair result penalti penalti requir interest paid princip amount quantifi undu financi advantag accru bae rover group letter septemb commiss unit kingdom govern reaffirm intent abid implement commiss decis order recoveri million aid accompani sale rover group understand interest run date public decis commiss propos letter juli urg effect punish bae rover group sucessfulli challeng decis perceiv fair reason final render difficult unit kingdom govern task secur repay aid bae rover group substant legal element observ unit kingdom govern address consider equiti fair observ recipi unlaw state aid obtain financi advantag result retent aid signific period unlaw inequit vi vi competitor benefit unjustifi state aid sensit industri sector xi case aid incompat common market commiss make possibl articl eec treati court justic judgment juli case confirm judgment februari case requir member state recov recipi aid grant end unit kingdom author recov forthwith million incompat aid award british aerospac rover group unit kingdom govern realiz provis nation law govern recoveri state debt prevail materi time adopt decis articl addit state aid measur grant unit kingdom govern british aerospac purchas rover group author decis eec amount million illeg provid breach articl eec treati incompat common market mean articl treati articl unit kingdom govern requir ensur aid refer articl withdrawn mean refund million british aerospac rover group govern amount increas interest advantag british aerospac rover group benefit interest calcul run august rate determin accord rule unit kingdom nation law govern recoveri state debt prevail august articl unit kingdom govern inform commiss month notif decis measur compli herewith articl decis address unit kingdom great britain northern ireland brussel march commiss karel van miert member commiss oj oj oj case british aerospac rover group hold commiss ecr capolongo azienda agricola maya ecr ecr ferrièr san carlo spa commiss ecr case commiss belgium ecr judgment novemb ecr oj commiss germani ecr deufil commiss ecr