commiss decis aid allegedli grant germani rag ag connect privatis saarbergwerk ag notifi document number german text authent text eea relev ecsc commiss european commun regard treati establish european coal steel commun articl thereof regard commiss decis ecsc decemb establish commun rule state aid coal industri notic parti concern submit comment accord articl ecsc treati regard comment procedur letter novemb rag ag hereinaft refer quot rag quot notifi commiss articl ecsc treati intend acquir entir share capit saarbergwerk ag preussag anthrazit ag letter march germani notifi commiss articl ecsc treati plan privatis saarbergwerk ag sale rag token price letter privatis integr part agreement conclud march german feder govern govern north rhine westphalia saarland coalmin industri trade union coalmin electr sector hereinaft refer quot coal compromis quot saarbergwerk ag hereinaft refer quot saarbergwerk quot public sector compani main activ includ coal extract germani product coke power gener district heat environment protect trade servic trade coal oil transport oil distribut rubber manufactur coal extract tradition refer compani quot black quot area activ activ constitut quot white quot area activ saarbergwerk jointli own feder republ germani saarland oper coalmin total product million tce coal compromis guidelin laid coal polici period provid steadi reduct annual product million tce million tce million tce reduct number product unit data correct coal product germani transmit estim notifi commiss state aid total million tce product exce million tce coal compromis total state aid packag period fix dem billion declin scale level aid start dem billion aid ceil put dem billion grant total sum dem billion made subject rag take saarbergwerk april feder govern govern saarland rag conclud agreement rag saarbergwerk entir share capit acquir share held feder govern saarland govern sell price fix dem dem feder govern share dem held saarland agre merg compani coalmin activ singl compani deutsch steinkohl ag wholli control rag decis juli commiss authoris articl ecsc treati acquisit saarbergwerk preussag anthrazit rag commit rag divest coal import busi saarbergwerk separ sale coal produc germani sale import coal commiss specif aforement decis concern quot applic articl ecsc treati prejudic decis commiss applic articl ec ecsc treati decis relat state aid quot merger rag saarbergwerk effect octob account reason provis made retrospect effect januari septemb unit kingdom rjb mine compani quot uk coal quot appli court instanc european commun annul commiss decis juli authoris merger rag saarbergwerk preussag anthrazit ground analysi merger commiss verifi sell price includ state aid rjb mine view conclud inform germani transmit commiss state aid order dem billion rag inher sale saarbergwerk judgment januari case rjb mine commiss court instanc annul commiss decis juli court commiss fail verifi sell price examin extent financi support connect pure symbol sell price strengthen rag financi power econom power april germani rag appeal judgment commiss ask firm consult studi examin effect merger rag financi power studi focus saarbergwerk account consolid rag ii descript ii sell price letter march notifi commiss plan privatis saarbergwerk germani argu risk connect takeov saarbergwerk mine sector justifi sell compani token price germani govern made commit coal compromis subsidis coal product expiri ecsc treati provis state aid coalmin decis ecsc juli allegedli creat consider uncertainti futur coalmin germani argu sell price larg ensu imponder futur nation commun decis futur german coalmin germani stress signific risk connect fluctuat price coal world market price serv refer calcul subsidi tonn coal reduct coal price intern market offset rise product lead increas subsidi tonn coal ceil impos level aid germani grant year drop world coal price inevit oblig compani reduc product unabl continu cover oper loss state aid fact difficult adapt product short term declin coal product lead increas product cost germani point oblig impos rag saarbergwerk instanc rag cover loss coal sector transfer dem million year quot white quot quot black quot sector oblig laid coal compromis applic prior compromis respect rag exist coal coal activ connect merger depend instanc german coal compani oblig profit quot white quot sector cover loss mine activ rag subject addit oblig retain activ saarbergwerk quot white quot sector includ environment activ saarbergwerk germani argument constrain compani econom freedom act view fact difficult find buyer saarbergwerk connect germani stress letter april attempt made find buyer compani ii letter februari invit comment inform germani commiss letter june connect merger includ part report consolid plan saarbergwerk report compil januari roland berger amp partner german govern request capac main sharehold major partner saarbergwerk letter juli germani transmit commiss part evalu march roland berger amp partner comprehens solut german coal industri report juli updat valuat saarbergwerk report compil german govern commiss request inform enabl investig merger inform germani transmit commiss includ figur quot white quot sector vasa energi gmbh amp kg institut proceed court instanc european commun submit page januari report roland berger amp partner germani submit commiss part report roland berger amp partner valu quot white quot sector dem billion report juli updat valuat saarbergwerk mine sector unquantifi neg account uncompetit mine activ report refer unquantifi polit risk connect expiri ecsc treati absenc polit oblig germani regard level durat subsidi date light inform dispos commiss believ element led conclus privatis saarbergwerk involv notifi state aid dem billion articl ecsc treati commiss invit germani letter februari submit comprehens inform detail econom busi financi valuat saarbergwerk assess risk involv acquir compani commiss letter publish offici journal european commun time commiss invit interest parti submit view letter commiss point consid sale saarbergwerk includ notifi aid coal sector examin aid context articl ecsc light decis ecsc ecsc ecsc accord decis ecsc notif receiv year commiss announc quot commiss find receipt examin repli feder republ germani sale saarbergwerk ag includ notifi aid coal activ examin conform state aid rule laid treati establish european commun quot iii germani comment respons commiss letter germani transmit inform request state posit token price paid rag acquir saarbergwerk letter date germani enclos document expert report includ valuat saarbergwerk basi discount cash flow scenario sale wind saarbergwerk activ wind scenario concern saarbergwerk coal activ reportedli involv high risk discontinu expert opinion februari includ valuat saarbergwerk accord gross rental method expert opinion april procedur adopt determin compani saarbergwerk letter roland berger amp partner date april sketch background view express statement januari irrelev sum dem billion mention germani privatis saarbergwerk sale rag sum dem includ aid compon viewpoint public author sale compani quot quot prior financi consolid compani burden substanti busi risk constitut optimum econom result proprietor saarbergwerk german feder govern govern saarland behav seller act accord free market condit seek optimis revenu sale expert report compil germani confirm time privatis saarbergwerk neg account fact mine sector structur deficit calcul neg dem million compani wind mine sector plausibl altern liquid cost estim repres neg dem billion greatli exceed expect revenu sell quot white quot sector break saarbergwerk sale compani compon balanc led posit coal sector unsel hive energi sector led quot destruct econom valu quot sector germani argument base close econom linkag compon compani power gener sector coal sector germani posit sell saarbergwerk rag packag price dem chosen econom formula iv opinion parti commiss letter germani invit submit comment publish offici journal european commun commiss receiv opinion parti perman represent unit kingdom european union letter date unit kingdom gave support point analysi commiss set publish letter rjb mine uk coal submit opinion letter rjb mine condit rag saarbergwerk merger transpar regard fix sell price break compani sell individu compani compon separ made tender procedur attain higher price token sum paid rag evalu order ascertain rag saarbergwerk merger involv state aid commiss examin privat compani act accord free market condit behav basi criterion assess german feder govern saarland govern sell saarbergwerk sum dem waiv part revenu obtain saarbergwerk sold entireti commiss examin recit sale quot white quot quot black quot sector irrespect valuat compani tantamount aid flow posit neg quot black quot sector germani base argument report arriv neg continu dem million sector neg liquid dem billion germani take view sale entir compani rag dem econom highli measur calcul neg dem million activ saarbergwerk coal sector account neg result dem million quot black quot sector dem million quot white quot sector saarbergwerk mine activ compris site coal extract ensdoft warndt luisenth göttelborn reden coke plant fürstenhausen völklingen ceas oper june saarbergwerk rag merg output ensdorf warndt luisenth göttelborn reden mine million tce million tce million tce sector work total employe saarbergwerk decis ecsc german aid coal industri coal compromis commiss declar restructur saarbergwerk product unit lead reduct product closur göttelborn reden mine account consider geolog difficulti mine make imposs continu mine inform suppli germani statement state aid coalmin product cost warndt luisenth mine dem tce compar averag sell price coal dem tce year estim germani product cost amount time sell price coal ensdorf mine consid lowest deficit germani product cost dem tce time sell price coal time saarbergwerk privatis ensdorf warndt luisenth mine receiv oper aid authoris commiss decis ecsc basi inform suppli germani commiss assum mine improv econom viabil reduc product cost meet criteria laid articl decis ecsc judgment septemb court instanc european commun case rjb mine commiss provis articl decis ecsc requir undertak receipt aid achiev viabil end fix period requir econom viabil quot improv quot court reason quot open end formul econom realiti scheme state aid commun coal industri base structur uncompetit face industri undertak remain uncompetit relat import countri improv econom viabil undertak necessarili mean reduct level profit competit quot mine improv econom viabil closer meet criteria grant oper aid mean articl decis ecsc fact remain prospect attain viabil threshold slight decis ecsc quot conclud substanti reduct aid larg achiev mean measur reduc mine activ quot text point quot averag product cost german coal industri fallen slightli take account articl decis ecsc product cost express constant price high dem tce compar dem tce quot geolog difficulti inher coal deposit germani product cost connect extract clear coal produc unit compet coal import countri competit futur drastic restructur modernis rationalis coal industri intend enhanc competit german coal product remain uncompetit compar import countri discern rise product progress closur profit unit drastic cut employ sector analysi confirm coal sector develop year rag saarbergwerk merger coal compromis envisag coal product million tce output reduc measur connect chronic uncompetit sector output germani million tce figur million tce estim envisag coal compromis novemb germani notifi aid coal industri state measur reduc mine activ requir involv addit closur commiss decis ecsc commiss note reduct capac mark continu extens measur restructur rationalis modernis reduct mine activ coal compromis studi carri commiss confirm high risk involv rag take saarbergwerk coal sector risk concern steadi diminut aid amount laid coal compromis uncertainti period coal compromis expir end fact state aid coal industri authoris commiss uncertainti level coal price world market difficulti adjust product optimis state aid studi reach conclus risk difficult quantifi neg impact rag assum consider risk bui saarbergwerk clear quid pro quo time merger expiri ecsc treati rule state aid coal industri laid decis ecsc juli consid addit risk rag connect commiss refer fact valuat coal sector base assumpt expiri coal compromis coal produc germani consider doubt regard futur sector germani notwithstand difficulti accur determin coal sector conclud observ sector neg spite subsidi germani paid year year cover oper loss absenc prospect competit time merger confirm safe assum estim neg continu dem million realist quot white quot sector electr gener sector neg dem million determin basi hypothes hand sector close link saarland coal industri hand coal product abandon close link mine sector electr gener electr sector strongli depend avail coal produc saarland time saarbergwerk sold germani gave commit cover oper loss coal industri guarante aid grant german coal industri suffer chronic uncompetit exclud coal industri simpli disappear disappear german coal industri oblig power station import coal data suppli germani entail signific addit cost transport coal transship port hypothet disappear coal industri complet neutralis electr gener coal continu produc germani estim electr gener posit dem million valu activ quot white quot sector electr gener district heat dem million environ dem million trade servic dem million rubber dem million analys perform quot white quot sector hand proce sale segment sector merger found profit activ low evid activ quot white quot sector saarbergwerk rag ad appar sale area activ merger incur loss total dem million light observ quot white quot sector evalu mildli posit analysi show estim realist assess lie dem million dem million light hypothesi futur coal industri impact power gener sector sale compani argument adduc germani letter base hypothesi option sell saarbergwerk entireti packag neg posit compon compani quot white quot sector offset substanti neg quot black quot sector sector continu wound chronic deficit saarbergwerk coal sector germani option sell compani quot quot sum dem germani point break saarbergwerk sell compon compani separ led posit addit factor area activ saarbergwerk group structur separ mean loss make sector coal sector neg residu wound offset posit accru sale part compani wind coalmin sector neg estim amount dem billion larg absorb proce sale profit compani sector analysi rag account confirm takeov saarbergwerk led posit end oper neg result dem million neg sum result account adjust made merger accord gener account principl adjust made saarbergwerk prior merger adjust justifi fact saarbergwerk appli account principl rag adjust set high dem million conclud posit accru rag sale saarbergwerk alleg dem billion roland berger amp partner report march quot white quot sector estim dem billion report compil valuat view privatis saarbergwerk germani letter amount base hypothesi requisit restructur measur case compani privatis dem billion base valuat compani quot quot anticip restructur measur roland berger amp partner consid quot restructur quot quot white quot sector estim roland berger amp partner report march fact confirm report studi carri commiss letter februari commiss ask germani submit comprehens inform privatis saarbergwerk involv dem billion state aid foremost base fact measur provid coal compromis merg coalmin sector saarbergwerk preussag anthrazit rag intend ensur supra region rationalis hand cover adapt process industri agreement hand view enhanc effici coal industri ensur surviv restructur coalmin privatis saarbergwerk lead discern improv econom viabil sector restructur effort led extens mine closur product cut envisag coal compromis fail improv sector competit circumst long term surviv saarland coal industri highli question examin sale light commiss practic vi vi cluster sale expound recit commiss opinion sale sum dem tantamount state aid includ asset potenti highli posit low price view light busi sector sold justifi commiss assum case author demand separ busi compon sold sale effect specif condit includ state aid busi sector neg posit sold assum sale involv state aid appli separ sale busi sector neg price strategi commiss letter germani decemb sg commiss note quot case compani histor grown commiss view artifici merger compani meet requir offer subject condit quot argument adduc sale lintra group aid view justifi refer behaviour investor act accord free market condit situat dissolv compani neg waiv proce sale compani posit commiss verifi argument appli saarbergwerk case found recit investor act accord free market condit posit owner saarbergwerk prevent posit quot white quot sector drain neg quot black quot sector saarbergwerk coal sector constitut separ legal person compani structur show coal sector form part saarbergwerk ag hold compani commiss opinion wholli convinc analysi lack profit substanti potenti debt quot black quot sector surviv fulli depend state aid question investor act accord free market condit allow asset strongli posit unprotect investor simpli refer yardstick comparison hand germani histor commerci link saarbergwerk busi compon coal electr gener sector electr gener german coal steadili replac import coal german coal drop million tce million tce trend continu million tce merger link saarbergwerk area activ german coal short term replac import coal link led difficulti view fact commiss reach conclus argument cluster sale relev saarbergwerk case wish point sale clear cut case commerci histor link busi sector belong separ compani commiss continu argument manner set recit vi conclus privatis saarbergwerk sale rag price dem includ aid compon account consider busi risk involv sale compani quot quot prior financi consolid measur oper public author behav seller act accord free market condit seek optimis proce sale saarbergwerk lack posit connect coal sector suffer chronic deficit uncertain futur lack posit confirm report compil audit compani commiss request report compil continu saarbergwerk estim neg dem million neg dem million quot black quot sector posit dem million quot white quot sector decid articl privatis saarbergwerk ag compani sale rag ag compani price dem involv state aid articl decis address feder republ germani brussel commiss loyola de palacio vice presid oj oj tce tonn coal equival case iv ecsc rag saarbergwerk preussag anthrazit ecr ii case confidenti inform case vasa energi commiss rule publish footnot oj oj oj ecr ii oj oj