commiss decis juli aid grant italian govern manufactur ophthalm product industri ottich riunit ior italian text authent eec commiss european commun regard treati establish european econom commun subparagraph articl thereof notic accord articl interest parti submit comment regard comment industri ottich riunit spa ior creat filotecnica salmoiraghi merg officin galileo di marghera ior sharehold finmeccanica sofin belong public hold iri octob ior partli privat share sold privat group finalp nomin lit billion octob asset contact lens divis sold ciba geigi group privat complet march finalp ior share partial privat ior profit compani loss amount lit billion billion billion billion billion correspond annual turnov loss made good public sharehold loss ior made expect octob cover advanc lit million sofin framework partial privat ior octob sofin waiv claim sum commiss notifi step articl ii commiss learn sofin provid lit billion ior subsequ waiv claim sum action constitut state aid invit italian govern provid inform letter date novemb januari april italian govern repli telex date februari june provid incomplet inform privat state sofin action normal sharehold decis form state aid initi investig inform commiss consid lit billion award ior public sharehold constitut state aid fall prohibit laid articl exempt set articl appear applic commiss exclud possibl financ ior octob contain addit element state aid novemb commiss decid initi procedur laid articl aid invit italian govern letter date novemb submit observ iii letter date januari italian govern submit observ procedur state sofin invest approxim lit billion ior order improv product effici stress sofin cover ior loss act investor similar posit sofin sharehold ior octob case liabl italian law ior debt italian govern emphas finalp commit improv ior situat provid bank guarante invest lit billion mean synergi compani own ior financi result bore wit success restructur italian govern subscrib commiss point view payment lit billion sofin constitut state aid commiss interpret intervent constitut aid italian govern believ exempt set articl appli similar case cite commiss seventeenth report competit polici point commiss close procedur letter date februari italian govern provid annex letter januari factual inform ior account privat repli addit question put commiss letter date octob italian govern provid inform mean telex messag date decemb question concern payment lit million sofin ior condit sofin lent lit million ior condit sofin remain sharehold octob march financi detail partial privat octob candid take ior notabl subject addit inform provid letter receiv june bilater meet juli consult interest parti observ submit finalp sofin ior consid italian govern action contain element state aid agre italian govern aid element sure compat common market govern member state germani denmark netherland submit observ framework procedur support commiss decis initi procedur observ made parti submit italian govern letter date septemb invit comment comment commiss telex messag date januari iv provis fund public enterpris sharehold involv element state aid order verifi provis constitut aid place ignor social element region sector polici similar circumst privat sharehold ahead step basi condit light expect profit ior commiss note compani accumul loss amount lit million compar share capit lit million commiss opinion privat investor paid eleven time origin invest year order dispos half invest nomin price sofin provis lit million sofin form credit grant constitut state aid framework procedur italian govern claim sofin act investor similar posit cover ior loss sharehold ior octob liabl italian law debt liquid ior entail higher cost sofin commiss subscrib point view privat investor reluct sharehold compani consequ assum unlimit liabil make addit risk outweigh addit gain case ior commiss note finmeccanica iri group sharehold ior share held montedison iri transfer ior finmeccanica sofin inform provid ior contradict italian govern ior profit year creation partial privat commiss view finmeccanica sofin gener iri sharehold ior accept risk privat investor refus sofin statu uniqu sharehold ior alter qualif made sum lit million provid sofin order cover part ior loss constitut state aid point made italian govern sofin ior concern finalp financi engag view counterpart step sofin finalp notabl financ lit million invest ior realiti financ lit million make ior profit releas sofin oblig guarante sole sharehold ior commiss opinion finalp commit restor ior profit benefit ior sofin withdrew ior complet march dispos remain ior share finalp finalp action alter commiss opinion step sofin relat period octob constitut state aid commiss verifi addit aid element contain price asset ior contact lens divis sold ciba geigi share remaind ior finalp ciba geigi paid lit million asset ior contact lens divis price book time finalp paid nomin share remaind ior lit share commiss note sofin invit account regular account establish current theoret ior decemb outcom minu lit million date year sofin invit candid ior submit bid sofin impos prior condit influenc price offer candid interest bui ior finalp bid attract term price offer prospect continu finalp interest ior contact lens divis sofin sold asset divis made monthli loss lit million ciba geigi candid find price result bilater negoti examin inform provid italian govern sofin finalp ior commiss accept term ior privat compar sofin obtain open bid privat ior entail addit element state aid final commiss investig transit period octob march sofin held ior share order ensur period sofin financ disproportion larg part ior restructur programm italian govern stress framework procedur sofin receiv fix dividend stake ior set lit million lit million sofin receiv interest equal prime rate award bank loan lit billion ior question financi statu ior justifi prime rate commiss accept financ ior octob march entail element state aid commiss identifi aid ior amount lit million grant end ior workforc involv product ophthalm lens glass organ matter tradit contact lens trade member state ophthalm lens unmount nimex mount nimex shown tabl export lens nimex itali member state year member state ecu million percentag total intra commun export import lens nimex itali member state year member state ecu million percentag total intra commun import competit manufactur ophthalm lens date provid framework procedur ior account italian product lens split contact lens divis precis data ior market share commun approxim provid sofin ior sale contact lens amount total consumpt itali germani franc unit kingdom extrapol data basi popul ior market share contact lens commun ten approxim tradit ophthalm lens made glass ior sale repres consumpt larg member state extrapol approxim market share commun ten similarli market share plastic lens larg member state approxim commun tradit posit expens brand lens gradual erod cheaper altern grow part import countri commun net export ophthalm lens albeit decreas margin shown tabl export import commun countri ecu million year export eur import eur financi assist state strengthen posit enterpris compar compet commun deem affect enterpris aid italian govern grant ior affect trade member state distort threaten distort competit mean articl vi notifi commiss propos stage decis grant aid ior italian govern fail fulfil oblig pursuant articl commiss make possibl articl court justic judgment juli case confirm judgment februari case requir member state recov aid grant prior notif aid found incompat common market recipi thereof vii except gener incompat aid set articl inapplic case view natur aid direct attain provis articl list aid whic consid compat common market compat treati view context commun singl member state order ensur proper function common market account principl laid articl treati except principl articl set paragraph articl interpret strictli aid scheme individu aid award examin appli commiss establish aid free plai market forc induc potenti recipi act manner contribut attain object sought appli except case contribut attain object aid essenti end tantamount grant undu advantag industri firm member state financi posit bolster affect trade member state distort competit justifi mean articl italian govern unabl give commiss discov justif find aid question fall categori except provid articl regard except provid articl aid promot facilit develop area commiss note ior locat porto marghera venic standard live abnorm low unemploy mean except provid articl area porto marghera locat present includ receiv special region assist mean except provid articl final aid grant order cover loss design contribut develop econom area set commiss principl coordin region aid system except provid articl aid favour ior intend promot execut import project common european interest remedi disturb italian economi italian govern advanc argument favour applic except except provid articl favour aid facilit develop econom activ aid advers affect trade condit extent contrari common interest commiss note aid grant ior italian govern sofin base loss sustain ior octob aid question ior shut enabl competitor itali member state countri expand commiss establish polici loss compens facilit develop matur econom activ contrari aid alter trade condit commun extent contrari common interest aid grant order compens ior loss qualifi except set articl fact ior partli privat subsequ underw restructur due finalp effort alter conclus alleg similar aid case mention italian govern lead find commiss verifi compat aid merit take account particular sector region type aid condit trade competit chang time exempt provid articl appli aid question viii conclus aid lit million unlaw italian govern fail fulfil oblig pursuant articl eec treati set aid incompat meet condit requir order benefit exempt provid articl commiss decid case repay aid demand decis base time pass date aid commiss date decis long interv difficult justifi respect case law court justic procedur time limit adopt decis articl aid grant italian govern industri ottich riunit amount lit million declar incompat common market aid unlaw breach procedur articl decis address italian republ brussel juli commiss leon brittan vice presid ecr ecr oj order court juli case fédération national de producteur de vin de tabl commiss ecr judgment novemb case rsv commiss ecr