commiss decis juli financi aid grant lloyd triestino società di navigazion spa italia di navigazion spa italian text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement establish european econom area point articl thereof accord provis abovement articl notic parti concern submit comment regard comment februari letter regist refer sg februari perman represent itali notifi secretariat gener commiss decre law dl concern urgent measur sector italian economi dl includ propos grant financi support maritim sector specif form capit inject lloyd triestino società di navigazion spa hereinaft refer lloyd italia spa di navigazion hereinaft italia intern liner ship compani finmar group part restructur plan decre law subsequ replac law remain forc recapitalis subject consult propos commiss decis view public dl gazzetta ufficial della repubblica italiana januari consequ entri forc recapitalis plan regist secretariat gener notifi aid scheme juli commiss decid initi articl procedur stage doubt compat propos financi support treati respons comment receiv italian shipown associ confederazion italiana armatori confitarma unit kingdom author lawyer repres competitor lloyd italian author submit comment inform letter octob novemb regular exchang correspond place finmar restructur plan shape final inform requir commiss decis transmit italian author numer bilater meet brussel rome place april descript measur propos capit inject itl million ecu million payabl lloyd receiv itl million italia itl million italian author confirm financi support paid lloyd italia undercapitalis advanc commiss decis propos grant state support recapitalis lloyd italia part final stage restructur italian public fleet princip aim present capit inject give lloyd italia viabl financi foot support adapt normal market condit run privatis schedul earli italian state emphas capit inject compani signific employ weak financi privatis italian govern wish complet current restructur process plan privatis plan privatis progress finmar commiss citibank identifi buyer wide public initi request express potenti interest result number lead italian foreign ship compani interest buyer italian govern prepar ad hoc draft legisl requir italian law sale ahead commiss decis capit inject background finmar group found grave financi difficulti prompt italian author propos restructur group phase restructur develop law decemb establish divis group number sector activ liner contain divis privatis lloyd italia continu regist loss consolid account show combin loss itl million ecu million cover loss compani releas financi resourc sale asset part recent restructur process addit year compani receipt aid provid framework law notifi commiss commiss verifi aid grant fall aid regim establish framework law approv commiss aid adher condit scheme approv aid constitut exist aid year compani oper roughli break level iri parent hold compani finmar began doubt strateg import compani abil public hold compani manag affair spring finmar group spent consider time effort develop implement restructur plan januari outlin restructur plan group present govern provid rapid privatis bulk transport sector state railwai compani provid transport link island merger compani intern liner sector propos final reach merg lloyd italia privatis separ addit activ asset transfer sold prior merger compani improv compani financi balanc finmar group detail plan final stage restructur group develop govern issu decre law januari provid order improv financi health profit privatis finmar group subject approv minist transport navig treasuri restructur plan present finmar treasuri authoris provid recapitalis compani oper maritim transport intern cargo trade septemb govern present final restructur plan finmar group aim financi consolid compani privatis discuss respons committe chamber deputi senat plan definit approv transmit commiss januari mention number merger transfer asset sale place finmar group juli affect compani question sidermar coastal ship compani wholli own finmar ceas oper septemb sale fleet vessel privat oper remain asset liabil transfer lloyd merger septemb result increas lloyd asset itl million ecu million similarli ship own viamar compani finmar group sold tirrenia princip western italian cabotag oper finmar group remain viamar ship sold greek compani viamar subsequ ceas oper remain asset liabil transfer italia merger debt viamar settl italia obtain asset worth itl million ecu million arrang affect financi pictur lloyd italia asset base compani increas transact constitut intern arrang finmar group italian author amount state aid mean articl ec treati benefit accru lloyd italia result restructur repres financi advantag constitut state aid commiss amount account assess financi assist grant compani open procedur juli decis juli commiss decid open procedur articl treati propos capit inject stage justifi common european interest member state interest parti present observ capit inject propos lloyd italia pursuanc articl procedur unit kingdom govern uk govern welcom decis open procedur gener state aid grant distort competit commun shipown extent contrari interest econom oper consum note numer commun ship compani liner market grant financi support italian compani prejudic commerci develop effici compani uk govern state financi support restructur approv commiss detail restructur process evid progress establish financi stabil scope privatis clear doubt effect privatis result cost liquid futur date free market investor principl appli altern effect strategi quantifi hand uk govern look favour italian author intent privatis compani recognis propos capit inject approv privatis guarante return econom viabil accord fulli document schedul realist action plan benefit commun promot competit bring subsidi compani end avoid potenti repercuss liquid uk govern propos financi support measur action plan subject verif monitor commiss period return financi stabil uk consid member state interest parti access materi opportun make comment ii competitor lloyd competitor lloyd state lloyd abus domin posit rout itali mediterranean countri south africa increas tonnag charg cost sign bind contract shipper commiss found evid substanti assert iii confitarma confitarma repeatedli brought propos financi support measur commiss attent provid copi decre law indic section relat support gener express concern financi assist support public liner fleet recapitalis distort competit damag develop normal commerci strategi viewpoint endors competit trade author itali decis issu januari italian author iv respons italian author italian author provid specif detail commerci confidenti develop lloyd italia period restructur show consider improv product increas number contain carri reduct number personnel ship oper compani adopt commerci strategi base cooper oper slot charter compani debt reduc incom increas compani oper healthier financi environ deposit improv field product reduc oper cost addit capit inject order capitalis compani financi sound capabl privatis commiss request detail financi posit lloyd italia italian author provid meet brussel novemb april subsequ correspond opinion italian author sum propos grant compani reason owner invest compani intend divest event maintain proce privatis sale exce amount invest compani owner prepar privatis commiss request proof assert italian author undertook provid valuat compani internation reput independ consult engag carri detail valuat compani consult method determin compani main method discount cash flow dcf method base assumpt compani depend oper cash flow expect gener futur control method utilis excess earn ee method base assumpt compani depend asset compani expect profit dcf method consult wide recognis method object valuat compani order reli method level inform compani past futur perform requir present case inform utilis preliminari financi report lloyd italia audit financi report lloyd italia extract financi report lloyd italia financi plan lloyd italia year lloyd sought improv financi perform initi consolid servic result sharp reduct capac lower net loss devic extens cooper partner compani move charter vessel partner charter fix number slot led increas compani oper revenu itl million itl million decreas oper cost lloyd reduc net annual loss itl million itl million italia perform improv recent year result princip commit number specif rout revenu increas itl million itl million compani remain vulner increas competit capac world market undercapitalis italia reduc net loss itl million break point normal practic control method usual control method compar method main financi figur similar compani trade financi market subject recent merger acquisit transact reach compani absenc suffici number compar list compani merger acquisit activ method ee excess earn method utilis utilis method list rang valu compani reach rang valu take account number variabl utilis number techniqu consult submit realist rang valu compani reach figur question reveal reason commerci confidenti impact sale price compani valu includ lower end rang substanti total amount financi assist compani compani lowest valuat made compani expect sale price exce propos capit inject itl million ecu million asset transfer consequ restructur finmar group liquid sidermar viamar amount itl million ecu million legal apprais articl ec treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market state articl ec treati commun law neutral respect privat public ownership undertak financi support facilit privatis state own undertak benefit derog basic principl incompat state aid common market laid articl privatis effect sale share stock exchang gener assum market condit involv aid compani privatis stock exchang flotat trade sale sale compani part compani number condit set commiss xxiiird annual competit report competit tender held open comer transpar condit perform act acquisit asset bid continu oper busi compani sold highest bidder bidder time inform carri proper valuat asset basi bid condit assum examin aid involv flotat debt written reduc give rise presumpt aid long proce flotat trade sale exce reduct debt present case lowest valuat rang valu reach expect sale compani question exce amount propos capit inject itl million asset transfer consequ restructur finmar group liquid sidermar viamar amount itl million ecu million substanti amount financi assist subject present consult invest gener financi theori entail premium risk time invest return consid context note rang sale valu order lowest chosen basi assess risk premium account question time time laps payment fund sale expect short sale plan end lowest expect sale valuat exce interest yield accru sum invest compani deposit bank durat reason set financi support consid constitut state aid conclus conclus capit inject itl million ecu million envisag notif financi assist deriv group restructur finmar put compani posit realist privatis independ consult compani posit expect oper profit italian author agre aid compani connect privatis italian author undertaken proce speedili privatis lloyd italia transpar manner competit tender confirm undertak receiv juli time plan independ consult recent appoint advis govern prepar privatis final prepar end octob latest public tender notic end novemb latest time limit submit bid end decemb latest italian govern confirm intent complet sale compani month time limit submiss bid approv scheme commiss account undertak monitor implement time plan italian author undertaken provid report show result applic financi support process privatis month sign sale contract propos commiss object rais financi support grant italian author compani adopt regul articl financi assist lloyd triestino italia di navigazion form capit inject itl million ecu million transfer asset liquid ship line finmar group sidermar viamar amount itl million ecu million itl million ecu million total constitut state aid articl ec treati articl reach decis commiss take note undertak provid italian author sum set articl assist lloyd italia privatis compani author proce plan privatis lloyd italia transpar manner competit tender accord condit xxiiird competit report set italian govern confirm intent complet sale compani month time limit submiss bid tender notic publish sale aforement compani latest end decemb italian author provid commiss report show result privatis includ sale price month sign sale contract articl decis address republ itali brussel juli commiss neil kinnock member commiss italian constitut articl case extraordinari emerg govern adopt provision measur forc law decre law dl effect automat public italian state gazzetta ufficial offici journal remain forc dai dl present govern parliament enact lose valid dai public gazzetta ufficial enact instanc dl replac expiri success dl provis amend measur remain forc enact month year constitut court itali rule dl longer renew dai undermin principl dl justifi case urgenc dl januari publish gazzetta ufficial della repubblica italiana januari finmar state control hold compani directli control ship compani oper sector includ intern liner contain servic italia lloyd local mediterranean coastal navig cabotag finmar handl itali bulk cargo contain transport coastal freight passeng traffic italian port iri group yearbook oj confitarma repres privat shipown itali oj iri istituto la ricostruzion industrial public bodi creat coordin support financi subhold econom activ consid nation interest rai alitalia stet fincantieri finmar rout serv lloyd africa asia oceania italia north south america full freedom provid servic oper rout competit fierc xxiiird competit report point