commiss decis octob aid grant flemish region belgium truck produc daf french dutch 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 parti concern opportun submit comment accord abovement articl letter date decemb commiss inform belgian govern decis initi procedur provid articl ec treati respect public intervent flemish region belgium daf compani aid element contain dissolut daf compani request submit comment month date letter open procedur commiss express doubt compat aid common market reason public intervent concern compani difficulti oper sector suffer surplu capac public particip daf compani includ equiti particip risk bear loan possibl conform standard compani practic market economi premium charg transfer compani commerci loan partli contain state guarante sale asset compani daf compani role public author impli financi advantag form lower purchas price asset confer compani guidelin state aid motor vehicl industri appli commiss ad aid subject strict condit condit impos final decis procedur ii open procedur belgian perman represent submit comment flemish govern letter date februari letter belgian perman represent date octob commiss receiv supplementari inform flemish author respons commiss detail questionnair june order prepar visit daf plant westerlo eindhoven commiss request addit inform letter novemb address flemish author dutch govern letter date januari dutch govern repli question compani visit place januari final meet commiss author member state daf manag eindhoven februari fax date februari commiss rais final question dutch flemish author repli meet commiss staff februari march meet held commiss flemish dutch author focuss circumst receivership daf nv daf truck nv discuss question relat bankruptci procedur rais commiss answer drawn legal advis dutch state date march fax commiss dai meet focus dutch receivership belgian author formal submit comment iii letter date februari commiss request belgian govern submit comment observ made klesch amp compani limit commiss receiv novemb compani argu submit offer subject contract receiv februari asset purchas daf truck nv offer rebuf view receiv wish sell asset govern led group market price belgian govern repli letter octob basic argu inform offer februari sharehold daf truck nv vdl groep national nederlanden daf truck nv evicar submit comment open procedur date commiss receiv comment daf truck nv dutch receiv state readi send inform letter date june commiss address request inform receiv answer august comment abovement parti support view express belgian govern transmit observ belgian author formal react commiss receiv comment interest parti member state public open articl procedur offici journal european commun iv view flemish author distinct made regard state particip subordin loan share capit subordin loan bfr million flemish govern argu loan grant nmkn flemish region paid state resourc state aid nmkn award invest credit bfr billion belgian compani nv daf truck absorb daf belgië nv credit transfer compani compani declar bankrupt februari credit guarante mortgag build pledg busi concern rank guarante state flemish region daf truck vlaanderen daf belgië nv credit transfer transfer bfr million subordin transfer part credit guarante flemish region nmkn loan subordin risk bear subordin loan state aid element relat public guarante cover amount flemish govern admit award subordin loan constitut regular practic belgian financi institut subordin loan award nmkn period daf case actual particip flemish author daf truck nv nv truck financi found financ gewestelijk investeringsmaatschappij voor vlaanderen call gimv particip equiti capit nv daf truck vlaanderen amount bfr million risk capit nv daf truck amount bfr million flemish region hold indirect particip belgian subsidiari direct particip parent compani flemish govern argu distinct share flemish region sharehold particip equal condit flemish region sought acquir prefer share nv daf truck share preferenti share nv daf truck vlaanderen januari distinct share laps flemish region investor base decis busi plan restructur plan feasibl assess extern consult show good prospect viabil profit flemish govern attach great import region interest possibl maintain good part daf workforc flemish region particip favour condit sharehold legal success flemish govern point case asset liabil transfer compani case issu asset transfer amount fl million amount million paid cash million paid transfer debt compani constitut normal form payment nmkn secur creditor agre form payment provid mortgag pledg state region guarante preserv case take account abovement argument fact compani longer full line truck manufactur flemish govern conclud question legal success regard risk premium link transfer partli privileg partli subordin credit compani contain public guarante flemish govern argu state region guarante maintain total guarante decreas bfr million keep level interest rate line market rate subordin part cover flemish region guarante rest transfer credit cover origin credit mortgag pledg rank favour nmkn partli state region guarante order maintain flemish region guarante addit premium charg paid base increas amount outstand guarante bfr million line approv aid system light durat loan premium bfr million charg compani lend financi institut regard purchas price belgian asset role public author sale asset flemish govern argu belgian bankruptci law belgian subsidiari declar bankrupt februari receivership surséanc van betal exist administr curatoren appoint sell compani asset high price divid proce sale creditor exercis duti supervis judg rechter commissari total independ public author safeguard law rapid sale constitut normal practic administr deal sale compani concern result higher price piecem sale asset secur creditor agre propos purchas price fl million creditor protest contempl sale januari februari lot public regard daf problem intern level interest parti opportun potenti buyer made offer belgian administr supervisori judg inform higher bid made dutch receiv asset daf locat belgium sale asset daf belgië nv decid march meet presid relev commerci court supervisori judg basi independ apprais report forward prospect buyer put pressur candid buyer administr option seek court agreement sale price fl million futur daf belgië nv link dutch parent compani purchas concern daf belgië nv framework global purchas part asset belgo dutch compani total purchas price asset higher liquid lower concern part global sale accept propos purchas price liquid avoid task receiv sell bankrupt estat high price regard purchas price asset purchas daf truck nv flemish govern argu global sale price dutch flemish asset daf nv fl million base independ apprais report higher liquid fl million lower part global sale fl million basi continu concern differ name sum explain lower product plan owner fact part asset remain concern compani declin receivership commerci oblig creditor claim put eindhoven plant back order recruit employe flemish govern price reflect fair market state aid element sharehold invest decis basi busi plan feasibl assess extern consult busi plan state commiss plan restructur plan exist compani receivership full line manufactur manufactur medium size heavi truck busi plan compani good prospect viabil profit reason privat investor sought particip flemish author attach great import region interest possibl maintain larg part workforc daf truck nv continu emploi peopl product cabin axl westerlo continu flemish govern argu invest exist westerlo number meant compani offer room flexibl condit conflict privat investor principl limit optim alloc resourc flemish region oper ordinari investor invest capit view normal long term remuner court justic judgment case initi articl procedur commiss cite public intervent flemish region favour daf requir analysi regard articl ec treati reason sale asset daf compani role public author impli financi advantag form lower purchas price asset includ technolog larg stock unsold truck price lower obtain competit bid confer compani made legal entiti essenti compani continu compet burden past term public particip risk capit compani bfr million equiti capit bfr risk bear loan examin light privat investor principl compar term privat investor particip compani extent measur contain state aid element compani busi plan examin light provis guidelin state aid motor vehicl industri restructur aid fact premium public guarante request belgian state flemish region bfr million commerci debt transfer nmkn compani immedi open procedur commiss conclud aid grant belgian subsidiari daf compani fulli recov sale asset state aid grant belgian author daf compani context detail examin inform receiv procedur procedur regard aid grant dutch author daf commiss view concern sale asset daf belgië nv role public author sale administr act independ manner requir econom depend asset asset parent compani global price agre subject accept belgian administr offer belgian asset daf nv sold asset reason price superior liquid asset argu econom point view daf truck vlaanderen nv obtain financi advantag form lower purchas price asset competit bid mandatori administr organ bid inform dispos time pressur impos prospect buyer fair conclud administr carri duti sell asset question high price final confirm compani daf belgië nv daf truck vlaanderen nv legal entiti fulli independ sale asset parent compani daf nv role public author sale refer made parallel decis commiss case regard state particip risk capit daf truck nv daf truck vlaanderen nv presumpt mention open procedur state particip constitut state aid commiss maintain verif sharehold agreement relev materi conclud state provid risk capit condit privat sharehold hold real econom signific detail examin busi plan shown reason return sharehold capit expect review comment condit attach flemish author sharehold conclud sharehold correspond market investor principl state aid respect risk premium public guarante commerci risk bear loan daf truck vlaanderen nv charg charg belgian state flemish region commiss view transfer reschedul loan guarante nmkn public author conform belgian law practic commiss share view flemish author transfer debt compani legal successor compani conclud compani part paid benefit compani risk premium public guarante daf truck vlaanderen nv benefit state guarante bfr million guarante flemish region bfr million paid risk premium bfr million flemish region degre increas guarante flemish region worth note decreas guarante belgian state compens increas pai risk premium remain public guarante provid belgian state flemish region total bfr million daf compani obtain artifici financi advantag commiss valu bfr million moment transfer debt guarante daf truck vlaanderen nv produc axl cabin truck sold daf truck nv highli competit european truck market daf hold share tonn gvw conclud aid measur fall provis articl ec treati articl eea agreement vi notifi abovement aid measur favour daf truck vlaanderen nv belgian govern infring articl ec treati belgian govern notifi aid measur good time commiss submit comment measur implement aid grant breach articl ec treati unlaw vii commiss view illeg aid bfr million award daf truck vlaanderen nv form charg usual risk premium bfr million public guarante bankrupt compani daf belgië nv compat ec treati articl lai principl provid aid distort threaten distort competit favour undertak product good affect trade member state incompat common market articl set circumst aid allow articl specifi type aid compat common market charact locat purpos aid question satisfi criteria articl add aid compat common market compat determin context commun singl member state order safeguard proper function common market take account principl articl ec treati except principl set articl found articl constru narrowli scrutin aid scheme individu award commiss motor vehicl industri adopt commun guidelin set criteria assess compat common market aid industri limit scope discret articl aid award subsidiari motor vehicl manufactur produc truck axl cabin aid base approv aid scheme link project aid notifi guidelin state aid motor vehicl industri commiss aid compat assess criteria commiss view aid evid link initi criteria list guidelin rescu restructur aid region aid invest aid innov fundament ration aid research develop aid environment protect energi save aid vocat train belgian author argu object envisag financi invest area plant locat elig region aid point articl conclud aid examin correspond normal applic region aid consid region object leav seventh case oper aid guidelin provid oper aid author sector distort effect aid absenc link abovement object commiss conclud bfr million oper aid award belgian author daf truck vlaanderen nv compat condit fulfil order appli except provid point articl commun guidelin state aid motor vehicl industri view forego consider aid measur support daf truck vlaanderen nv illeg belgian govern fulfil oblig articl incompat common market meet condit satisfi order appli except set articl incompat function eea agreement adopt decis articl aid award flemish region belgium daf truck vlaanderen nv valu bfr date award illeg incompat common market mean articl ec treati incompat function eea agreement articl belgian govern recov bfr daf truck vlaanderen nv charg interest amount date award rate equal percentag date refer rate calcul net grant equival region aid belgium articl belgian govern inform commiss month date notif decis measur compli articl decis address kingdom belgium brussel octob commiss karel van miert member commiss oj commiss commun financi activ member state public undertak oj