commiss decis aid propos germani buna gmbh sächsisch olefinwerk gmbh leuna werk gmbh leuna polyolefin gmbh bsl polyolefinverbund gmbh german text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement establish european econom area articl thereof accord abovement articl notic parti concern submit comment chemic industri group larg kombin conglomer main industri german democrat republ origin emploi peopl centr leipzig area inland saxoni anhalt saxoni largest complex buna sächsisch olefinwerk sow leuna chemi ag bitterfeld gave employ june govern german democrat republ found privat truste treuhandanstalt tha continu activ germani unifi tha transform plan economi complex public limit compani remain interdepend suppli raw materi primari intermediari product energi result impedi fast restructur privat compani aggrav concomit breakdown tradit outlet undertak question compris larg number divers branch activ product plant outdat obsolet uneconom scale product tha shut plant break remain group smaller unit easier sell compani leipzig area buna schkopau sow böhlen leuna werk gmbh site leuna largest hive branch includ low densiti polyethylen ldpe divis independ leuna polyolefin gmbh remaind combin industri park buna integr complex focus chlorin olefin chemistri environment reason tha forc shut acetylen product make buna depend ethylen cracker böhlen essenti raw materi sow böhlen buna connect pipelin leuna polyolefin consum ethylen depend facil product raw materi cracker olefin böhlen suppli buna downstream activ schkopau leuna polyolefin leuna ethylen made imper tha strive privat base polyolefin concept previou privat attempt fail bank goldman sach amp charg search negoti potenti buyer inform suppli germani dow chemic compani dow present sound plan complet restructur olefin complex perspect long term viabil end dow bidder privat bundl chemic compani sow leuna polyolefin share buna subsequ merger bsl polyolefinverbund april privat agreement dow bundesanstalt für vereinigungsbedingt sonderaufgaben bv succeed tha notar contract substanti payment bv bsl exce price dow pai takeov tha bv initi financ urgent restructur measur site reduc number job compani januari effort loss remain high period financ tha bv ii commiss made gener assess intervent tha decis date septemb decis date decemb assess intervent bv successor institut tha decis date februari decis commiss laid intervent constitut aid assess compat aid common market take account task tha unpreced transform plan economi market economi commiss found financ compani held tha privat constitut aid aid condit fulfil consid compat common market likewis privat sale parti highest bidder public call bid neg price entail aid decis stipul aid grant tha bv financ privat larg compani notifi pursuant articl treati individu assess size compani buna sow leuna threshold laid decis germani compli oblig inform commiss intervent tha privat buna commiss approv notif approv aid concern guarante amount dm million secur invest infrastructur loan amount dm million secur compani liquid approv aid concern loan dm million environment restructur measur discharg personnel social accept circumst notif concern dm million guarante dm million loan transform dm million guarante sharehold loan amount financ invest cover loss aid procedur open commiss accept transform guarante sharehold loan loan dm million guarante total dm million ensur compani liquid financ environment invest initi proceed pursuant articl treati remain dm million invest aid sow commiss approv guarante dm million loan dm million order sow fulfil mandatori environment requir invest infrastructur cover loss due overstaf aid german govern notifi addit guarante amount dm million loan total dm million cover loss financ environment invest commiss decid object cover dm million loss dm million aid compli mandatori standard initi proceed pursuant articl treati dm million invest aid form dm million guarante dm million loan aid procedur open leuna commiss decid object dm million guarante financ environment invest initi proceed pursuant articl treati sharehold loan dm million cover loss half guarante total dm million dm million financ invest dm million cover loss half aid nn procedur open procedur expand cover guarante invest credit award date amount dm million time commiss approv transform guarante stage sharehold loan close procedur sharehold loan total dm million cover loss aid includ commiss initi procedur refer invest aid leuna note privat effort tha compani success commiss recogn buna sow leuna interdepend compani privat individu commiss demand sound privat plan involv compani work procedur part notif instal aid buna aid instal aid sow aid privat plan submit germani whilst recogn plan consist base studi made expert commiss fear aid serv perpetu creat unviabl structur tha find buyer continu depend aid procedur open addit aid buna sow propos tha studi independ consult commiss assist commiss assess commiss view assess aid leuna nn procedur germani state view viabil achiev illustr state joint privat plan germani stress delai carri restructur invest prolong period loss increas total amount aid germani stress extraordinari posit compani due divis germani observ receiv parti origin procedur aid favour leuna procedur open aid buna sow commiss receiv observ manufactur chemic nation chemic industri feder observ support view commiss open procedur point addit aid award privat compani submit germani comment commiss inform germani aid involv privat buna sow leuna polyolefin aid commiss inform urgent invest buna sow need carri delai financ block procedur final commiss inform clean buna sow balanc sheet decemb aid nn june commiss decid enlarg procedur cover aid award framework privat aid chapter iii commiss doubt principl approach restructur aid adher long term viabil compani question secur undu distort competit avoid aid limit minimum commiss close procedur dm million urgent environment invest buna procedur dm million urgent environment invest sow commiss accept waiv buna debt tha decemb amount dm million sow debt amount dm million addit waiver dm million buna dm million sow inject capit compani amount dm million dm million ad sum cover procedur decis commun germani letter date juli enlarg procedur germani provid inform letter date june juli august august septemb septemb octob meet place june juli august member state compani member state submit written inform enlarg procedur support commiss posit express letter procedur expand observ submit germani comment dow present written inform particip meet refer iii notar privat contract bv dow date april complet financi mean bv make privat bsl summar publish enlarg procedur gt tabl gt total financ open end compens payment potenti amount dm million procedur enlarg privat contract suspensori claus commiss approv pursuant council regul eec decemb merger control articl ec treati cover procedur aid guarante leuna dm million invest half sharehold loan dm million invest dm million aid sow form dm million guarante invest credit dm million interest bear loan commiss open articl procedur end chapter ii point includ amount cover waiver outstand debt context privat item summari point appli dm million invest aid buna chapter ii point waiv part privat dm million sum part balanc sheet clean buna sow decemb commiss accept privat chapter ii point caught waiver privat procedur germani commun clarif modif restructur plan affect sum aid framework privat compar situat procedur open dm million consult fee constitut aid compani constitut intern expenditur bv link effort privat manag contract cost make good environment damag limit dm billion ceil exceed environment damag caus juli commiss notifi germani suffici time pursuant articl treati gener decis intervent tha bv refer point chapter ii commiss laid environment indemnif pollut caus juli constitut aid commiss opinion compani bundesländ held liabl pollut caus german democrat republ matter commiss agre germani greater part pollut caus plant belong bsl place juli bulk dm billion constitut aid commiss accept view germani feasibl quantifi remaind constitut aid open end addit cost altern pipelin provid origin notif germani state addit cost aris addit aid requir commiss notifi suffici time pursuant articl treati dow invest programm laid privat contract dm million financ invest bv sum compris amount dm million invest author commiss previou decis addit invest amount dm million ad restructur programm procedur addit invest aid amount dm million hand dm million construct anilin plant part dow busi plan financ bv remain ceil invest award bv amount deduct award aid scheme germani approv commiss decis länder hold prospect dm million aid scheme approv commiss procedur cover invest aid dow invest programm dm million compat common market examin commiss restructur programm modifi germani consist invest gt tabl gt invest amount dm billion secur contractu penalti differ amount lower amount invest realiz cost current project start bv part plan submit dow contrari previou estim amount dm million except dm million buna dm million leuna sum author previou decis commiss request germani state compens payment dow dm million case resciss contract notifi separ occur open end power steam aid germani inform commiss amount aid consist dm million part cash flow compens addit dm million present power steam compens payment provid articl privat contract discuss germani inform commiss renegoti contract dow order reduc cash flow compens dm million delet claus power steam compens payment germani inform commiss waiver outstand debt june take account commiss allow part request waiver decemb amount dm million germani inform commiss compens structur defici restructur amount dm million reduc dm million oper environment monitor system total sum remain aid bsl cover procedur amount maximum dm million sum dm billion environment damag constitut aid open end payment cap competit manufactur chemic product trade member state document trade statist bsl continu produc intermediari product made buna sow leuna manufactur deriv part integr set result restructur effect plan dow capac product market share set chapter iv point financi aid compani strengthen posit compar compet commun european econom area occur aid deem distort competit undertak articl ec treati articl eea agreement lai principl aid characterist incompat common market iv derog set articl principl aid characterist articl incompat common market list point inapplic instanc natur object aid case invok germani articl aid grant economi area feder republ germani aid requir order compens econom disadvantag caus divis invok germani germani unifi octob economi bundesländ suffer consequ divis loss tradit supplier outlet remain imperfect transport infrastructur commiss view derog provid articl interpret strictli notabl aid limit minimum compens specif remain disadvantag caus divis difficulti compani german democrat republ face result fact compani stand competitor commun eea unif interpret disadvantag caus divis germani aid judg basi derog set articl dealt commiss note germani whilst invok articl aid identifi chapter iii convincingli demonstr total aid part limit compens econom disadvantag caus divis germani point articl treati specifi aid consid compat common market compat treati view context commun eea singl member state maintain proper function common market account principl laid articl except principl articl set articl interpret strictli examin aid scheme individu aid measur derog appli commiss find aid grant market forc measur public author aid suffici induc recipi act achiev object pursu appli derog case contribut object aid purpos confer undu advantag industri undertak member state affect trade condit member state distort competit justif base common interest refer articl derog articl satisfi case true german unif neg effect german economi suffici appli articl aid scheme ad hoc case aid disturb economi member state judg commun context time commiss consid aid scheme remedi disturb economi member state aid approv privat programm greec decis commiss note privat programm integr part undertak council decis eec recoveri entir nation economi german situat aid question consid constitut aid import project common european interest germani put forward argument case derog provid articl aid promot econom develop area standard live abnorm low underemploy articl aid facilit develop econom activ econom area constitut legal basi verif compat aid measur question common market commiss decid januari bundesländ belong area assist pursuant articl aid commiss take due account fact decis question derog provid articl appli recal commiss decis tha successor institut refer chapter ii consider tha task support transform plan economi market economi preced histori commun commiss due consider grave social econom problem bundesländ east berlin commiss note compani part compani question unprofit due larg number obsolet plant high oper cost integr product product process interdepend site made maintain chemic industri core activ buna sow leuna ldpe privat polyolefin activ activ split privat separ obviou start high invest requir year oper bring loss privat investor bear dow investor call tender submit coher plan complet privat polyolefin activ long term perspect profit continu restructur tha bv initi commiss opinion invest aid loss compens start tha continu bv privat place subject present procedur judg restructur aid award privat contract prepar dow group aid commiss requir satisfactori restructur plan privat plan submit dow base exist cracker chlorin capac aim expand ad chain base olefin point ii enlarg procedur commiss decid dow busi plan basic condit base analys independ consult found solid present decis commiss due consider report consult consult confirm dow suitabl partner bsl experi chlorin product product olefin deriv addit dow major synerg market dow intern demand anilin acryl ester major benefit bsl invest concentr cracker capac böhlen upgrad chlorin capac competit level form basi dow plan commiss tha bv privat remain problem assur suppli feedstock cracker competit price solv plan build pipelin rostock böhlen necessit storag capac ethylen brine propylen pipelin buna deriv insuffici demand absorb exist ethylen propylen chlorin benzen capac instal upgrad butadien capac full transport site entail high cost dow analys possibl form instal balanc product process kei raw materi minim logist cost whilst due consider main exist area activ bsl dow complet integr continu process complet stage process output kei condit inland product site competit view share consult final solid product rubber pvc polyethylen overland ship usual distanc kilometr plan place bsl take account criteria profit optim chosen period year cost minim capit oper sale cost dow consult propos optim configur site plan project broken compani plan jeopard object profit restructur necess anilin product relat dealkyl plant opinion consult question anilin plant question parti framework procedur dow comment procedur product böhlen anilin essenti part busi plan state bsl total anilin product requir dow captiv consumpt stade dow expect sale anilin parti dow continu purchas anilin mdi product estareja portug anilina de portug affect germani request commiss comment product anilin note total anilin produc böhlen transport dow mdi plant stade lower saxoni anilin deriv benzen principl transport benzen stade construct anilin plant germani point benzen explos anilin belong categori peril substanc groundwat anilin belong danger peril categori higher ad anilin econom transport substanc long distanc benzen suppli ammonia anilin product nearer böhlen stade altern anilin product product phenol lack propylen phenol product unit absorb output hydrogen make sens sell benzen local demand product transport rotterdam farther consult found argument germani dow valid sens altern anilin plant commerci attract effect reduc cash flow impact profit project commiss subscrib consult view dealkyl plant anilin plant form essenti part dow busi plan agre consult essenti anilin plant built böhlen altern site attract financi commiss conclud aid region incent germani convincingli demonstr anilin plant dow busi plan letter date octob germani inform commiss exclud cost anilin plant amount dm million dow busi plan aid bv framework privat invest aid cash flow compens award construct anilin plant commiss note cost anilin plant estim dm million annex privat contract differ sum dm million germani exclud plan consist item dm million nitric acid plant dm million nitrobenzen plant dm million wast water instal nitric acid plant nitrobenzen plant process benzen nitrobenzen process anilin plant question serv purpos commiss opinion germani fail demonstr plant question essenti complex anilin plant exclud dow busi plan suffici justif present dm million invest aid germani intend award plant wast water instal commiss note benefit instal link anilin product commiss accept necess part aid amount dm million framework procedur parti question invest vcm pvc plant commiss note upgrad pvc plant estim cost dm million increas nomin product capac commiss note consult expect capac account instal pvc capac western europ year util capac come year expect invest vcm plant constitut addit capac buna possess larg competit vcm plant capac acetylen cracker shutdown shutdown creat imbal chlorin product capac vcm capac low oper level vcm plant end invest addit edc train commiss consult balanc import ensur econom viabil chlorin chain commiss note dow bsl expect account vcm capac western europ year util capac come year expect commiss conclud invest programm consist interlink element order creat integr viabl complex propos dow element left modifi endang complex commiss look evolut capac result invest programm tha start restructur compani question olefin capac bundesländ gt tabl gt olefin capac reduc kt shutdown cracker leuna buna reduct upgrad cracker böhlen kt total cracker capac secondari cracker product reduc kt feedstock suppli lpg propan butan downstream plant dispos aromat pyrolysi gasolin capac reduct repres counterpart interest competitor distort effect aid buna older effici pollut plant shut product unit shut date exist kt ethylen oxid plant kt propylen oxid expand polystyren plant kt plan capac increas deriv set order process feedstock establish secur competit compani unavoid consequ integr concept dow propos basic concern expans benzen capac kt product caustic introduct capac instal product lldpe kt pp kt vcm edc kt acryl acid kt acryl ester kt oxychlorin anilin kt explain anilin plant exclud invest plan aid bv construct addit oxychlorin train complet capac exist chlorin plant exist vcm plant construct lldpe plant dow technolog replac hdpe plant tha plan balanc ethylen capac böhlen process capac leuna buna dow choic fit product rang propylen need balanc suppli demand ethylen achiev construct polypropylen plant acryl acid plant order integr product acryl acid product deriv dow intend ad addit acryl ester plant dow programm replac exist aromat plant plant pyrolys gasolin distil plant order maxim product benzen half benzen product consum anilin plant exclud dow busi plan aid bv capac dow process spot product process rang ethylen propylen butadien chlorin manufactur competit price transport plant heavi cost lose competit configur chosen dow free product bring market import logist handicap ad configur make product competit achiev integr link remov chain capac process rang remain idl product transport site undermin sound concept commiss investig expans capac introduct capac lead overcapac commun market place area structur overcapac exist commiss opinion plant creat overcapac consult expect structur overcapac product area question except anilin set anilin plant receiv aid privat contract independ consult expect growth demand western europ util capac year gt tabl gt parti demonstr framework procedur aid question serv creat expand capac area structur overcapac commiss look effect plan ration restructur european market petrochem gt tabl gt commiss verifi compat merger pursuant council regul eec decid object sum invest current project origin dm million laid dow busi plan tha bv begun earlier insert dow plan amount dm million buna sow concern amount consist dm million purchas construct cost invest incompat dow plan dm million cost ep expand polystyren oxychlorin plant plant produc unsatur polyest dispers plant amount dm million amount dm million commiss approv amount approv commiss previou decis chapter ii point leuna polyolefin dm million approv commiss order prepar privat secur safeti employe environ reduc cost oper obsolet uneconom instal tha bv begin restructur investor found measur limit minimum purpos commiss consid total invest aid question project achiev take account invest aid award scheme region develop type aid grant project question necess invest aid judg isol justif type aid assess aid packag compat common market dm million invest aid provid privat contract assess present decis sum consist dm million invest financ mean guarante loan author commiss previou decis commiss note dm million propos invest aid replac aid region invest aid scheme approv commiss commiss awar länder saxoni anhalt saxoni final decid award aid opinion commiss invest aid assist region place award aid scheme approv commiss purpos supplementari aid award bv place aid scheme commiss look possibl dow estim amount invest restructur commiss note invest aid award invest realiz bv pai incent bsl part potenti contribut spent dow interest present inflat plan commiss note context consult dow estim high side assum estim instal inflat order whilst conced gener tendenc chemic industri inflat invest estim germani note point invest question place green field site integr exist highli interdepend group site ongo product process increas invest cost difficult integr inter link individu build block involv risk estim blueprint calcul margin unavoid plan instal highli complic process technolog unknown factor order control precis cost take place bv includ control mechan privat contract articl privat contract bv capit contribut period econom transfer date decemb bv pai bsl instal amount dm million specif project year restructur period begin bsl provid bv novemb previou calendar year invest budget invest budget calcul period type cost financ invest signific deviat reconstruct programm explain justifi qualit quantit invest budget includ fund schedul state amount financ bv respect due date amount detail updat calcul updat project schedul reconstruct programm articl privat contract bsl provid bv capit budget novemb calcul period preliminari invest report state amount spent quarter calcul period schedul spent remaind differ capit contribut bv amount spent project list preliminari invest report offset capit contribut paid bv calcul period addit bsl calcul period submit annual financi statement invest report detail report implement invest contempl capit budget amount spent invest invest report audit auditor bsl differ amount state preliminari invest report calcul period invest report offset capit contribut paid bv calcul period articl privat contract bsl prepar final report month end restructur period basi invest report articl privat contract annual budget bsl invest budget updat reconstruct programm submit sharehold meet bsl bv sharehold novemb final approv bind basi implement invest budget account period articl privat contract bsl submit sharehold includ bv end calendar quarter review quarterli report inter alia includ statu capit budget show invest fund provid bv audit year end financi statement bsl conduct jointli auditor nomin dow auditor nomin bv articl articl privat contract bundesrechnungshof conduct special audit calcul period pursuant section paragraph connect section seq bundeshaushaltsordnung commiss view bv institut mechan need comprehens detail ongo control invest sharehold financi invest final bv includ addit control mechan incent scheme gener term commiss opinion incent limit invest aid link invest minimum applaud circumst commiss object incent matter principl bsl oblig pursuant privat contract reinvest incent payment petrochem complex commiss accept incent payment place margin commiss consult minimum estim invest cost incent appli reduct invest excess commiss context note explan provid germani interpret annex privat contract exclud possibl incent paid bsl dm million aid bv pai payment aid scheme approv commiss point cash flow compens articl privat contract bv compens bsl neg cumul cash flow restructur period full maximum dm million bv compens half neg cumul cash flow excess dm million dm million maximum bv call pai head amount dm million case dow contribut dm million articl privat contract part cash flow compens payment subsid price bsl pai power procedur element quantifi germani amount dm million set detail point chapter commiss opinion subsid energi price limit period relat restructur carri aid principl form oper aid incompat common market set chapter iii point germani procedur decid withdraw part propos aid announc privat contract modifi propos aid ceil refer reduc dm million dm dm million dm dm million commiss investig compens relat restructur programm base experi case restructur aid opinion year restructur plan prolong year unforeseen circumst occur long present case involv import invest link product chain site creat problem time order avoid bottleneck product process circumst durat restructur period year justifi unforeseen circumst occur make prolong restructur period year notifi commiss suffici time pursuant articl treati complex restructur refer entail consider risk extraordinari loss restructur period notabl delai construct pipelin rostock entail huge addit transport cost durat delai import factor lead loss restructur period cost overstaf excess personnel discharg gradual june june unprofit exploit exist instal upgrad replac risk excess cash flow compens born dow commiss verifi risk bsl artifici rais loss order consum maximum potenti compens bsl pass part compens mother dow bsl compens order sell product inappropri low price commiss note privat contract system quarterli report audit annual financi statement bsl bsl submit bv annual report financi relationship dow compani belong dow bundesrechnungshof conduct special audit commiss note privat contract incent bsl consum total cash flow compens maximum dm million form premium amount consum end restructur period articl privat contract annex submit commiss condit product servic licens technic assist loan made compani commerci condit unusu set complet uncommon relat compani point view commiss consult concur market sale agreement annex contract claus exclud possibl dow bsl market sale agent sell bsl product inappropri low price energi articl privat contract state exist power steam contract buna veba kraftwerk ruhr ag kraftwerk schkopau gmbh collect vkr substanti renegoti chang achiev suffici profit exploit bsl contract claus price bsl pai purchas steam power subsid bv articl unquantifi subsidi power steam price restructur period addit cash flow compens discuss point chapter articl possibl renegoti prerequisit addit subsidi power steam price period restructur decemb articl combin articl unquantifi part cash flow compens discuss point chapter destin subsid power price articl addit steam oper cost letter date juli enlarg procedur framework procedur commiss posit justif oper aid energi contract negoti individu compani state aid cover gap amount purchas energi prepar pai amount supplier wish receiv germani demonstr convincingli aid energi price consequ link restructur process aid consid compat pursuant derog provid articl treati aid subsid energi price requir compens disadvantag caus divis germani view confirm fact present case exist energi contract conclud unif germani vkr power plant schkopau built unif buna leuna exist divis germani place procedur germani state aid award pursuant articl privat contract germani quantifi open end energi aid amount point part cash flow compens subsid power cost refer articl privat contract amount dm million addit compens power steam cost refer articl privat contract present dm million total energi aid amount dm million lengthi discuss dow vkr particip germani agre withdraw propos renegoti privat contract sens articl complet delet cash flow compens ceil lower dm million order exclud compens commiss conclud modif verifi renegoti privat contract complet meet initi object structur defici articl privat contract front payment bv bsl dm million book capit contribut serv compens remain structur defici restructur period commiss object aid aid compens disadvantag restructur complet lead conclus restructur bsl viabl circumst compat aid packag doubt aid destin period year restructur period paid begin restructur provid bsl interest sum year framework procedur germani justifi dm million dm million concern cost oper environment monitor system restructur period sum justif detail point chapter justif provid cost construct addit boiler system initi amount dm million procedur clarifi germani cost question constitut invest cost oper cost includ invest sum mention origin notif invest place insid restructur period discuss commiss germani decid increas sum restructur invest dm million similarli remain dm million front payment replac addit invest cracker benzen plant construct propan tank styren plant amount dm million addit invest replac oper cost restructur period invest aid ceil correspondingli rais dm million commiss view import differ aid financ restructur invest lead profit exploit oper aid serv compens oper cost longer period commun guidelin state aid rescu restructur firm difficulti type aid consid compat condit fulfil type commiss conclud dm million dm million aid compens structur disadvantag remain compat aid examin point remain sum dm million award origin form amount award invest aid compat examin point amount award front payment discount present point social cost liabil set point chapter bsl reduc employ level januari privat contract dow oblig maintain job year discharg personnel social plan work budget dm million commiss accord point aforement commun guidelin state aid rescu restructur firm difficulti favour aid dm million maximum liabil bv legal reason expressli provid privat contract privat contract articl dm million sum maximum risk legal cost entail discharg personnel refer commiss note sum dm million grant bsl dow constitut guarante unknown claim unusu case transfer compani commiss accept condit sine qua privat restructur place waiv debt previou commun chapter ii point germani inform commiss previou waiver debt success restructur dow busi plan complet waiver long term debt date transfer held decis novemb activ tha commiss note longer compani held tha higher debt guarante tha buyer found debt guarante time loan guarante end grant present case waiv loan time grant legal commun law reflect fact recogn commiss order give compani chanc establish long term profit germani need forgo claim repay loan prevent burden result revolutionari place chemic industri german democrat republ excess commiss note context differ term aid control situat bsl free debt price sold debt neg price higher indebted case neg cash flow correspondingli higher compens payment restructur period waiver amount dm million buna dm million sow make total dm million commiss investig waiver provid articl privat contract leav bsl posit chemic compani europ gener germani debt waiv germani state context complet remitt specif loan waiv liabil result current oper remit waiver skim bsl posit work capit date waiver bsl equiti total asset ratio lower latest figur sector bundesbank show german averag german chemic industri associ calcul averag balanc sheet comparison made goldman sach equiti total asset ratio european american competitor vari bsl equiti total asset ration advantag competitor measur proportion waiver bsl debt calcul financi cost compani relat turnov commiss note bsl interest burden account project turnov industri averag sector germani bundesbank competitor commun averag interest burden bsl interest burden take account financ part purchas price dm million futur sale remain share dow contribut invest compens payment cash flow deficit commiss conclud waiver leav bsl advantag posit competitor commiss note dow opt bui asset compani case liabil remain bv set chapter ii point commiss expand procedur articl aid leuna order ensur equal treatment aid buna sow compani caught restructur plan leuna polyolefin gmbh split debt leuna leav liabil compani aid fall procedur includ guarante dm million invest half sharehold loan dm million invest aid dm million relat invest leuna ldpe busi dm million withdrawn leav dm million assess sum leuna polyolefin gmbh real beneficiari remain guarante sharehold loan total dm million leuna werk gmbh carri plan privat part split leuna tensid gmbh employe leuna katalysatoren gmbh employe leuna chemtec gmbh employe measur maintain site fulfil legal environment safeti requir limit absolut stabil product creat capac decis septemb activ tha refer chapter ii point commiss laid tha award guarante loan compani privat allow continu oper commiss decid consid compat common market limit minimum secur continu exist compani state measur prepar privat prevent environment damag absolut increas capac commiss consid compat common market base decis activ tha tha successori institut accord point iii aforement commun guidelin state aid rescu restructur firm difficulti aid write debt result past loss tax credit attach loss notifi demolit cost environment measur articl privat contract full environment indemnif bv pollut exist prior econom transfer date aris restructur period oper exist econom transfer date quantif cost entail bv procedur germani commun commiss estim sum exce dm billion notifi commiss pursuant articl treati ceil insuffici articl privat contract environment pollut refer record expert appoint jointli contract parti set chapter iii point bulk dm billion constitut aid remaind constitut aid quantifi commiss recogn materi imposs compani bundesländ adapt instal juli standard applic bundesländ tha subsequ bv shut pollut instal carri invest adapt remain instal mandatori standard refer chapter ii point time pollut continu situat commiss believ justifi divert pollut pai principl laid articl treati accord commun guidelin state aid environment protect point environment oper aid defin circumst chlorin mercuri pollut great depth buna site continu threat groundwat develop appli long period monitor system deal hazard cost develop system estim amount dm million develop oper restructur period aid cash flow compens dealt point cost oper system restructur period estim discount dm million mention point commiss note monitor system exclus design deal mercuri pollut caus past brought end circumst commiss accept amount dm million effect bsl oper consid compat common market restructur period bsl complet dismantl demolish vacat dispos obsolet redund plant equip properti locat land bsl pursuant articl privat contract bv reimburs bsl maximum amount dm million commiss note build heavili pollut demolit includ excav pollut land commiss opinion demolit measur start tha bv prerequisit restructur place set point good reason case deviat pollut pai principl state financ demolit affect bsl oper commiss verifi bsl make profit sell land clean commiss note sale dm million period bv sharehold approv incom sale restructur period decreas cash flow compens award bv commiss note germani assur dow intent sell land belong bsl wish maintain green belt product site gener observ commiss consult concur report germani opinion restructur plan drawn dow make bsl profit compani commiss origin fear continu oper aid restructur shown unfound hand commiss request consult aid packag bsl detail point exce minimum establish bsl profit compani basi cash flow expect calcul wai consult conclud profit ventur dow appear averag dow contribut rais dm million reach consid averag profit commiss note calcul base origin aid packag includ dm million energi aid point dm million aid anilin plant point commiss note aid total dm million grant take account withheld energi aid share bsl energi supplier vkr proport negoti compani commiss conclud bsl contribut increas amount rang dow profit excess compar competitor commiss note context hidden risk due unusu natur project privat effort tha bv dow compani buna sow leuna commiss concur view consult point dow lose interest project reach quickli open procedur commiss believ total amount aid high absolut term relat number job maintain connect note bv financ social cost liabil point waiv debt point environment demolit cost point compani shut immedi environment demolit cost social cost consider higher case shutdown commiss investig price dm million dow pai remain bsl share exercis option bui bv point germani state bv dow negoti fix price basi profit stock quotat rate compar compani extrapol restructur bsl commiss note price dm million higher part rang calcul complet restructur programm annual interest rate ad commiss conclud price involv addit aid final commiss investig dow contribut restructur suffici commiss note total aid preced point paid dow contribut identifi sum dm million purchas price share bsl dm million purchas price remain dm million minimum invest dm million supplementari invest dm million contribut cash flow deficit make total dm million dow decid carri intent build anilin plant ancillari plant financ dm million invest view sizeabl sum find set point aid limit minimum restructur succe commiss opinion dow contribut suffici arriv conclus commiss account oper risk restructur period exce modifi cash flow compens ceil refer point lead addit payment dow dow commit oper buna böhlen site plant list privat contract defin period restructur programm end entail risk commit link contractu penalti set point increas capac place absolut viabil project commiss consider point aid secur industri base posit ramif employ level region articl privat contract lai dow bsl contempl make invest dm million addit invest reconstruct programm year order secur long term competit growth econom viabil petrochem complex inform provid germani dow attract relat manufactur notabl synthet materi site manufactur sign letter intent develop site dow privat fail basi chemic industri bundesländ set dow interest parti carri privat plan tha bv restructur plan compani compani competit expect investor found compani shut subsid unlimit period closur turn endang compani product bundesländ depend product petrochem complex appli domofin nv caprolactam product depend suppli notabl hydrogen leuna stickstoffwerk piesteritz ag belong hydrogen leagu leuna buna bitterfeld suppli part product ammonia petrochem complex refineri leuna consider commiss account bundesländ belong region region aid pursuant articl ec treati aid question promot econom develop saxoni saxoni anhalt commiss assess compat common market aid bsl take full account unpreced problem exist bundesländ commiss repeatedli recogn import problem gener decis aid award tha bv refer chapter ii point decis context commiss note basi polyolefin concept forward commiss letter date june previou privat effort fail goldman sach amp charg search negoti potenti purchas mean open uncondit call tender tha offer letter intent loi potenti investor present concret negoti interest parti reject loi interest area product dow sign loi septemb inform provid germani investor present conclus concept complet privat olefin complex compani part leuna perspect long term viabil report forward germani commiss privat effort goldman sach demonstr dow end bidder privat joint chemic enterpris bsl commiss note restructur plan dow work bsl meet requir list commun guidelin state aid rescu restructur firm difficulti viabil restor undu distort competit aid avoid aid limit strict minimum need enabl restructur undertaken aid relat benefit commun point view buyer make signific contribut restructur plan resourc invest financ requir restructur aid financi restructur unduli reduc firm financi charg restructur plan fulli implement monitor commiss context commiss note restructur plan transform compani buna sow leuna viabl integr complex aid packag modifi framework procedur verifi commiss consult consist minimum achiev goal aid amount justif found exceed minimum delet olefin capac reduc capac downstream product replac increas creat commiss verifi increas essenti element integr concept creat overcapac doubt element anilin plant ancillari plant exclud aid invest secur job bsl restructur effect maintain creat employ articl region upstream downstream bsl commiss find reason state aid offset commun interest conclud posit effect aid outweigh neg effect competitor conclus intervent cover procedur commiss find dm million intern bv consult cost constitut aid compani question larg fulli quantifi part dm billion environment indemnif constitut aid commiss identifi maximum dm million bsl constitut aid fulfil requir articl ec treati eea agreement commiss identifi dm million aid leuna werk ag aid bsl element compat common market pursuant articl treati condit set point met maximum dm million invest aid dm million provid privat contract dm million invest dow programm minu dm million nitric acid nitrobenzen plant chapter iv point maximum dm million dm million cash flow compens restructur period chapter iv point maximum dm million social aid chapter iv point waiver debt amount dm chapter iv point remaind dm billion environment cost dm million demolit cost chapter iv point dm million oper environment monitor system dm million aid leuna werk found compat common market condit point met condit met aid set point compat common market privat contract amend order insert modif invest aid chapter iv point exclus anilin nitric acid nitrobenzen plant aid invest articl privat contract amend order exclud incent payment invest cost save set point privat contract amend order exclud payment compens structur defici restructur period chapter iv point dm million oper environment monitor system mention chapter iv point articl privat contract delet set chapter iv point privat contract amend order insert oblig prior notif pursuant articl treati case provid contract addit cost altern rout pipelin environment cost excess dm billion payment dow case resciss contract restructur delai reason control respons dow bsl affili dow bv case decid prolong restructur period year provid articl contract prolong notifi commiss pursuant articl treati privat contract amend respect order avoid incompat aid grant award fiscal advantag attach past loss remit accord point iii commun guidelin state aid rescu restructur firm difficulti notifi commiss copi modifi contract submit commiss month conclus half yearli report submit commiss progress restructur amount aid award item allow verifi decis compli report submit semest year report period purpos commiss wish receiv invest report refer articl privat contract annual audit refer articl privat contract final report refer articl privat contract commiss find aid award purpos provid modifi privat contract misus aid take place aid award allow decis commiss decid basi articl treati aid amount recov interest run date payment adopt decis articl aid germani intend grant bsl olefinverbund gmbh commiss find amount compat common market gt tabl gt aid dm million leuna werk ag compat common market articl germani ensur privat agreement dow chemic compani buna gmbh sächsisch olefinwerk gmbh leuna polyolefin gmbh bundesanstalt für vereinigungsbedingt sonderaufgaben alter point amend insert delet privat agreement amend order exclud cost anilin nitric acid nitrobenzen plant amount dm million capit contribut bv provid articl privat contract includ dm million addit contribut dm million addit invest articl privat contract amend order exclud incent payment save invest cost laid privat contract privat contract articl thereof amend order exclud payment compens structur defici restructur period dm million oper environment monitor system articl privat contract delet privat contract amend includ oblig prior notif pursuant articl treati case provid contract addit cost altern rout pipelin environment cost excess dm billion prolong restructur period year payment dow event resciss contract germani ensur fiscal advantag deriv past loss written articl copi modifi contract submit commiss month conclus deviat modifi contract award fiscal advantag attach past loss notifi commiss pursuant articl ec treati articl germani submit commiss half yearli report progress restructur amount aid award item privat contract allow verifi decis compli report incent payment made invest cost save pursuant articl privat contract report submit semest year report period germani submit commiss annual invest report refer articl privat contract audit refer articl privat contract final report refer articl privat contract month respect conclus articl germani refrain grant aid buna gmbh sächsisch olefinwerk gmbh leuna werk gmbh leuna polyolefin gmbh bsl polyolefinverbund gmbh support restructur plan subject decis articl germani inform commiss month date notif decis measur compli therewith articl decis address feder republ germani brussel commiss karel van miert member commiss oj oj open procedur oj buna oj sow oj leuna enlarg procedur oj buna sow bsl oj leuna publish publish oj oj oj oj oj oj corrigendum oj land sachsen anhalt dm million freistaat sachsen dm million aid nn commiss decis juli oj oj oj oj oj