commiss decis authoris rag aktiengesellschaft acquir control saarbergwerk ag preussag anthrazit gmbh case comp ecsc rag saarbergwerk preussag anthrazit ii notifi document number german text authent text eea relev ecsc commiss european commun regard treati establish european coal steel commun articl thereof regard notif submit parti letter date novemb letter date novemb rag aktiengesellschaft essen quot rag quot notifi commiss articl ecsc treati intend acquir entir share capit saarbergwerk ag saarbrücken quot sbw quot preussag anthrazit gmbh ibbenbüren quot preussag quot purpos transact bring merger remain german hard coal mine compani purchas price sbw dem dem paid germani dem saarland capac previou owner decis juli case comp ecsc rag saarbergwerk preussag anthrazit quot decis juli quot commiss authoris articl ecsc treati rag takeov sbw preussag rag gave commit sell sbw coal import busi saarberg coal intern gmbh quot sci quot separ sale coal mine germani sale import coal meantim merger complet fulfil commit sci sold independ french buyer januari rjb mine commiss court instanc annul commiss decis juli entireti court found commiss assess total asset sbw transfer rag correspond price paid dem state resourc implicitli transfer rag present case commiss requir assess legal suppos aid aid inher merger formal preliminari decis court judgment analysi competit situat articl ecsc treati refrain assess extent financi commerci strength merg entiti strengthen financi support provid suppos aid form low purchas price novemb parti submit relev inform renew assess notifi merger parti prior merger rag activ primarili extract market coal process coke coal blast furnac coke held share number intern mine compani interest field power gener chemic plastic wast treatment environment servic mine technolog real estat time merger share rag held sharehold partli joint ventur proprietor veba ag vew ag thyssen krupp stahl ag arb sa rag current sharehold ag successor veba rwe ag success vew thyssen krupp stahl montan verwaltungsgesellschaft mbh joint ventur thyssen krupp stahl verwaltungsgesellschaft rag beteiligung mbh joint ventur arb sa rag sbw carri busi primarili field coal extract germani coke product power gener distanc heat environment protect trade servic market trade coal transport distribut oil rubber own germani saarland preussag likewis activ extract market coal product activ relat heat gener water suppli compani oper mine ibbenbüren wholli own preussag ag group ii transact notifi transact part agreement commonli quot coal compromis quot kohlekompromiss reach march feder republ germani land north rhine westphalia saarland german mine power station worker union deutsch industriegewerkschaft bergbau und energi abovement compani quot coal compromis quot agreement mine busi compani rag sbw preussag merg form singl compani deutsch steinkohl ag control rag inform provid parti germani aim result merger state aid promis polit desir process adjust german coal industri place social accept condit lastingli viabl effici mine industri ensur coal compromis pit oper produc million tonn coal year emploi peopl retain long term coal compromis germani parallel purchas rag share sbw held feder govern saarland earmark total dem billion aid futur pit closur aid lump fund germani land north rhine westphalia promot sale domest power station coal coke coal subject ceil state aid german coalmin industri total dem billion gradual reduc total dem billion addit contribut germani land north rhine westphalia dem provid year earn rag coal activ disburs addit feder resourc condit rag acquir sharehold germani saarland sbw iii concentr compet commiss decis juli commiss establish acquir entir share capit sbw preussag rag exercis sole control undertak meantim merger plan execut accord notif notifi transact constitut acquisit control mean articl high author decis lai implement articl treati regul constitut control undertak bring concentr mean articl ecsc treati commiss establish decis juli result involv extract trade hard coal hard coal product rag sbw preussag consid undertak mean articl ecsc treati read conjunct annex thereto extent parti sell coal domest consum small craft industri pursuant articl transact fall ecsc treati effect domest consum small craft industri sector mine activ parti merger transact notifi german feder cartel offic exempt earli commiss establish propos merger requir prior authoris annual output undertak involv approxim million tonn hard coal exce maximum amount refer articl high author decis june lai implement articl treati regul exempt prior authoris amend commiss decis ecsc aspect commiss decis contest question commiss compet examin anew criterion adopt respect time origin notif iv assess articl court instanc annul commiss decis juli januari renew competit assess need light court judgment renew assess unlik case question notifi merger fall scope merger control ecsc treati criterion adopt time origin notif decis factor posit time decis commiss assess merger shape notif supplement meantim basi current market posit parti light increas rag financi strength parti power mean articl ecsc treati determin price control restrict product distribut hinder effect competit substanti part market affect merger evad rule competit institut treati establish artifici privileg posit involv substanti advantag access suppli market german polici coal gener background past sale coal german power gener steelmak govern specif agreement centuri contract jahrhundertvertrag steelwork agreement hüttenvertrag contain extens rule state aid import procur oblig centuri contract law tariff quota solid fuel zollkontingentgesetz expir decemb steelwork agreement termin condit coal industri oper germani base essenti coal compromis coal compromis ceil aid mine aid grant coal power gener steel make germani assur aid limit amount absolut intend output suppli power industri commun coal steel industri coal compromis aid coal suppli power industri compens differ product cost german mine averag price import germani averag price import coal determin year actual sell price calcul basi import price includ transport cost case sale steel industri aid compens differ averag price import coal commun actual product cost case absolut amount aid limit coal compromis domest output origin cut approxim million tonn approxim million tonn total dem billion state aid coal industri set fall total dem billion coal compromis revis output reduc earli million tonn output approxim million tonn oper aid dem billion dem billion aid reduct activ dem billion dem billion aid maintain underground labour forc dem million dem million aid cover except cost dem billion dem billion provid structur aid chang substanti compar share total aid account sale subsidi fell contrast share aid account aid cover except cost unconnect dai dai mine oper increas reduct aid set continu german steel industri subject extens procur oblig respect domest coke coal steelwork agreement conclud rag establish agreement authoris commiss articl ecsc treati end mean decis ecsc march authoris agreement suppli solid fuel steelwork ruhrkohl ag amend exclus procur oblig discontinu scale commiss close proceed articl ecsc treati respect steelwork agreement administr letter agreement termin replac bilater agreement rag individu steel produc agreement run longer exclus claus procur oblig depend total requir favour nation claus relev product market decis juli commiss establish basic merger concern sale coal coal product base find argument coal sold industri custom power gener steel manufactur industri custom privat household small busi household small busi sector cover ecsc treati affect decis coal industri includ steel manufactur power gener suppli direct final consum mine compani import wholesal trade signific market segment role requir discuss decis larg user imposs replac coal fuel short term power station adapt energi sourc substitut sourc energi natur ga coal short term steel industri coke serv special metallurg purpos satisfi raw materi divid sale coal industri custom separ categori power gener steelmak industri sugar mill cement work papermak type sale affect factor separ order assess present case decis juli occur requir assess sale coal coal product regard relev product market decis relev geograph market decis juli commiss assum germani relev geograph market sale coal coal product decis factor domest coal heavili subsidis section recit seq entir output sold germani meet consider proport total german demand coal product addit german custom german coal advantag import coal geograph proxim mine fact user carri smaller stock homogen product characterist fact user instal gear domest coal strong polit social pressur germani bui german coal creat expect german coal prefer custom long price result aid par averag price coal import germani subsidis coal account total sale coal product germani power gener steelmak sale condit meant germani limit opportun compet import commiss conclud decis juli germani separ relev geograph market aid scheme mean german coal export germani direct consequ aid domest coal german coal produc align sale german power gener german steel maker averag price coal import germani absolut amount aid limit possibl sell german coal world market price differ german subsidis price world market price approxim dem tonn consider incent sell german coal subsidis quantiti abroad updat inform suppli parti clear subsidis coal germani account diminish proport total german market import account total market parti share risen proport expect increas exist subsidi rule provid signific declin current product sale market coal coal product germani specif featur distinguish competit concern geograph region hand indic german coal market intern ultim precis definit relev market purpos decis left unsettl assum market continu restrict germani merger give rise reserv assess effect competit decis juli commiss base reserv allai commit parti risk result merger parti advantag posit time sale subsidis german coal transfer open market view current market situat structur place commiss decis juli commiss view reason reserv section recit seq influx financi resourc context low sell price sbw suffici justifi reserv competit ground section recit seq posit parti sale coal germani posit rag regard merger domest german coal acquir control sbw preussag rag german coal produc rememb reason mention recit seq sale german coal follow declin level aid amount german coal sold depend aid parti sale domest coal fallen consider million tonn million tonn trend continu predict declin aid merger rag sbw alter higher product cost imposs german coal compet import aid merger effect product sale german coal total market import coal germani commun coal consumpt fell steadili recent year assum trend continu verein deutscher steinkohleimporteur forecast instanc demand germani million tonn due prefer environment friendli cheaper sourc energi declin german steel product market volum fall parti share total market consist domest import coal shrunk tabl rag sbw preussag sold million tonn coal million tonn tabl sale coal germani market share parti strong posit total market share declin market share rememb sbw import busi affect longer merger dispos rag trend parti posit recent year includ sbw import busi aim specif highlight happen part busi involv merger parti total market approxim exclud sbw import approxim exclud sbw import rag succeed complet offset loss german coal increas share import coal tabl parti share total market sourc parti take import coal separ parti succeed increas absolut sale import coal million tonn million tonn exclud sbw import million tonn increas absolut quantiti reflect competit posit parti limit extent rise import coal share total market parti share import coal market exclud sbw import period preced merger merger tabl show remain stabl slight fluctuat show downward trend rag unabl defend slight increas market share point rag meet small portion import germani sourc product bui import produc percept advantag access sourc suppli compar competitor import field tabl parti share import coal segment sourc parti parti succeed merger offset declin sale domest coal increas import busi merger lead percept sustain expans parti posit import coal sector current market share level merger trend expect clear strengthen merg compani period consider posit competitor competit condit current market condit distinguish structur occur german coal market decis juli rag competit posit strengthen import structur chang increas share import total market import account compar previou year import power station coke coal sector exceed domest product time million tonn approxim million tonn volum import increas year averag albeit signific fluctuat coal import forecast increas steadili fall total volum aid entail fall sale german coal sale fall faster gentl declin total demand germani safe sale posit rag domest coal market compar competitor increasingli signific total market automat reduc possibl rag transfer posit domest coal import coal sector addit point rag meet commit sell decis juli separ import busi sbw sci overlap parti field import area import competit merger result combin parti import activ addit market share sci oper todai market independ competitor stabl market share factor recent year clear structur strengthen competitor import coal sector expos rag stiffer competit led declin parti share import market import result direct sale foreign coal produc sale german coal import rag largest competitor import coal intern produc firm coal custom germani rwe energi group largest custom power station coal rag largest competitor import field share rag rwe strengthen expand posit takeov recent year ssm coal netherland rheinbraun brennstoff gmbh competitor includ glencor bhp billiton rio tinto largest coal produc world date combin market share sci sbw coal import busi sold french dealer share parti estim independ dealer share coal import market germani decis juli structur strengthen intern coal produc led market entri germani australian produc bhp south african firm billiton merg world largest coal produc bhp billiton enter german market todai share import coal sector rio tinto uk likewis largest coal produc world penetr german import coal market sold tonn coal germani amount share german coal import german coal market barrier entri transport storag infrastructur freeli access rag activ logist field import sector supplier transport storag capac essenti oper market dealer requir skill labour telephon pc order enter market coal differenti quot commod quot product qualiti laid iso standard possibl differenti product qualiti brand main relev factor competit price trend market condit import coal sector rag confront grow number strong intern competitor exert consider pressur market posit level market entri recent year suggest coal import germani increas competitor enter german market substanti demand side firstli steel industri merger result intern group bundl purchas power thyssen krupp stahl amalgam usinor arb aceralia form arcelor novemb result increas liberalis recent year competit power gener market increas consider competit environ essenti power station oper procur cheaper coal make smallest price differenti greater competit pressur custom reinforc potenti rag low cost competitor greater price sensit larg custom mean current term rag custom obtain long term suppli domest coal longer provid leverag import coal sector sector price increasingli decis factor competit lastli point long term anticompetit procur oblig power steel industri contain centuri contract steelwork agreement revok rag contract custom longer procur oblig consequ total requir exclus deal favour nation claus todai contract steel power industri expir year normal market suppli condit price quantiti conclus danger competit distort current market condit short current market condit subject examin effect financi strengthen rag section recit seq assum rag mean indent articl ecsc treati determin price control restrict product distribut hinder effect competit substanti part market affect merger condit chang likewis risk rag mean indent articl evad rule competit institut ecsc treati establish artifici privileg posit involv substanti advantag access suppli market appli independ german coal market market extens defin geograph term intern coal market assum parti market share smaller activ focus germani competitor consider wider market competit import ultim attach rag special posit relat german coal increas rag financi strength rjb mine commiss court instanc point commiss examin merger proceed total asset transfer sbw correspond price paid dem implicit transfer state resourc rag commiss assess merger decis juli extent purchas price dem strengthen financi commerci strength rag question examin financi commerci strength rag increas merger financi strengthen rag rais competit polici problem articl ecsc treati sake complet note outset financi support rag receiv germani bring price german coal line price import coal closur product site strengthen commerci strength rag manner signific competit point view product cost subsidi subsidi closur product site cover cost born rag increas financi commerci strength rag court instanc judgment provid criteria determin discrep purchas price actual sbw result increas rag financi strength establish approach present case number conceiv approach purpos determin financi strengthen rag investig effect merger rag consolid balanc sheet retrospect insight gain financi effect merger make conjunct risk sbw coal sector determin maximum worst case scenario financi inflow suffici analysi present case commiss ask audit compani bdo carri studi effect merger rag consolid balanc sheet studi show result takeov sbw rag achiev account gain merger dem million correspond account net sbw equiti capit time takeov dem million minu purchas price dem minu transact tax directli takeov dem million gain merger contrast rag consolid balanc sheet decemb depreci sbw asset amount dem million largest depreci relat power station dem million stock solid fuel dem million case power station main item advanc depreci sbw energi procur cost market price partial depreci stock solid fuel concern stock hitherto valu list price brought level world market price studi conclus neg impact merger rag equiti capit shown rag consolid balanc sheet decemb amount minu dem million futur earn develop studi point possibl depreci affect power station part offset date futur earn power station hold appli depreci solid fuel stock possibl exist subsidis purchas stock devalu world market price final studi point theoret possibl partial utilis sbw corpor trade tax loss carryov rag refer made uncertainti partial recognit deduct loss carryov german tax author studi expect abovement factor possibl posit impact earn result merger signific posit impact rag financi strength basi studi assum account gain dem million shown merg balanc sheet net sbw equiti capit time merger exclud depreci appli hypothet worst case scenario regard maximum increas rag financi strength relev competit point view assess depreci carri rag assess present case assum full depreci competit problem pursuant articl ecsc treati aris basi studi assum upward revalu sbw asset avail financi strength assum net equiti capit directli merger form liquid resourc correspond premis sbw realis equival book realist assum gradual annual avail increas financi strength result increas earn power indirect avail increas rag credit stand analys aspect assum full direct liquid avail book valu competit problem pursuant articl ecsc treati aris emphasis point method paragraph seq repres hypothet approach determin maximum assess risk sbw busi activ deliber carri necessarili involv assess assumpt made probabl risk materialis assum hypothet maximum competit problem aris note context revalu increas financi strength basi risk assess lead substanti smaller hand higher maximum determin worst case scenario rule commiss assumpt maximum estim increas financi strength dem million line studi sbw corpor commiss rag germani studi rag commiss rule posit corpor sbw initi report drawn manag consult roland berger januari request german govern ultim uninform question look germani commiss report year prior merger order examin sbw recoveri strategi purpos assess corpor price compani sold report identifi posit quot restructur quot sbw hold coal industri letter commiss april roland berger explain account regard probabl sale hold implement restructur measur gear sbw continu stand basi place roland berger achiev basi substanti invest report drawn march commiss germani aim assess cross compani solut german coal industri assess compani report date juli updat estim sbw posit portfolio hold coal industri offset higher neg coal relat sector competit impact increas financi strength assum maximum increas financi strength amount dem million suffici increas rag commerci strength extent enabl engag anti competit conduct mean articl ecsc treati place maximum increas financi strength result merger equival rag total equiti capit balanc sheet decemb rag total financi strength includ increas greater financi strength rag main competitor german import coal sector relev balanc sheet figur main competitor rwe trade glencor intern bhp billiton plc rio tinto plc broadli similar greater figur rag increas rag financi strength impact competit situat german coal product possibl rule increas rag financi strength subsidis addit home produc coal subsidis domest product coal close link product ceil exceed ceil inevit result decreas subsidi tonn domest coal practic term econom advantag rag born mind product cost domest coal greater price import coal substanti fund tonn coal order make coal saleabl germani internation assum maximum financi inflow bring volum million tonn german coal product cost amount dem tonn import coal price saleabl price level equival total market volum assum maximum increas financi strength result neg competit impact import busi germani coal product low ad decis factor custom low price requir qualiti rag attempt basi increas financi strength order imped competit german import coal market stop actual potenti competit bui effici coalmin germani elimin actual potenti competitor offer import coal competit price level possibl rag significantli stop competit purchas coalmin germani rule maximum increas rag financi strength assum result acquisit limit size margin increas rag worldwid market posit rag produc million tonn year german foreign coalmin compar annual worldwid product total million tonn remov suffici number actual potenti competitor german coal market realist assum signific last restrict competit result elimin actual competitor rag basi increas financi strength offer import coal competit price level behaviour long term impact financi strength rag competitor low entri barrier german coal import increas financi requir result increas amount import coal mention recit joint financi strength rag sbw compar event significantli greater financi strength rag main competitor assum rag competitor posit counter low price strategi part rag effect suffici long term basi german coal product fallen million tonn million tonn german coal consumpt declin period tabl recit result increas share import coal german coal market make attract coal import enter german coal market mean rag expend substanti increas resourc order suppli increas demand subsidis import coal explain market entri barrier german coal market low invest strength import import coal busi main factor determin commerci success skill experienc workforc assum rag set price cost squeez competitor market short term competitor easili return market rag increas price loss incur period competitor squeez market cost price subsequ recov mean higher price possibl rule rag pursu strategi last weaken competit squeez prove success short term low market entri barrier make competitor enter german coal market rag increas price level competit price undo rag initi market share gain charg lower price note develop recent year result greater price sensit part rag main custom sever restrict rag scope price increas level intern competit price hypothet squeez competitor german market competit rag main custom coal fire power station oper respons total german coal consumpt grown stronger recent year ongo liberalis internationalis electr sector possibl rule german electr produc accept coal higher price charg foreign competitor intern coal produc similarli german steel produc accept price competit level face increasingli intens competit lastli born mind downward subsidis coal import germani rag order squeez competitor neg repercuss sale german produc coal rag expens total amount subsidi set year subsidi grant order offset differ rag product cost averag price coal import germani signific quot artifici quot reduct price import coal increas amount subsidi tonn german coal view ceil volum subsidi reduc amount domest coal sold market share gain rag import coal erod sale loss domest coal summari increas financi strength conclud basi hypothet maximum determin basi worst case assumpt increas financi strength result merger strengthen rag commerci extent engag anti competit behaviour mean articl ecsc treati born mind assess increas financi strength includ full assess risk involv swb busi activ result substanti lower conclus clear consider propos merger notifi give undertak concern power mean articl ecsc determin price control restrict product distribut hinder effect competit substanti part market evad rule competit institut ecsc treati establish artifici privileg posit involv substanti advantag access suppli market condit laid articl ecsc treati fulfil notifi merger authoris decis concern applic articl ecsc treati prejudic commiss decis applic provis ec treati ecsc treati relev secondari law applic provis control state aid adopt decis articl acquisit rag aktiengesellschaft exclus control saarbergwerk ag preussag anthrazit gmbh authoris articl ecsc treati articl decis address rag aktiengesellschaft rellinghaus straße essen brussel commiss mario monti member commiss case ecr ii germani rag lodg appeal judgment court justic part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk oj oj oj case iv kali salz mdk treuhand oj paragraph case iv kali salz mdk treuhand loc cit paragraph commiss decis german aid coal industri oj oj proceed comp rag hüttenvertrag letter contrast estim quot concern quot convent procedur evalu undertak earn capac method discount cash flow method object sector coal product involv substanti subject assess risk futur develop subject consider uncertainti mention context studi commiss drawn accord convent procedur assess undertak substanti smaller assess recit