commiss decis april state aid freistaat bayern region author feder republ germani intend grant ecsc steel undertak neue maxhuett stahlwerk gmbh sulzbach rosenberg lech stahlwerk gmbh meitingen herbertshofen german text authent text eea relev ecsc commiss european commun regard treati establish european coal steel commun articl thereof regard commiss decis ecsc novemb establish commun rule aid steel industri notic accord articl decis member state parti concern submit comment regard comment receiv septemb commiss decid initi procedur pursuant articl decis ecsc steel aid code hereinaft refer sac respect financi measur propos part privat share german feder state freistaat bayern hold neue maxhuett stahlwerk gmbh hereinaft refer nmh lech stahlwerk gmbh hereinaft refer lsw conclud basi inform provid german govern intend inject public financ equiti capit compani intend public contribut financ invest regard state aid compat sac commiss inform german govern letter date octob decis initi procedur request comment addit inform relev repli german author date decemb contain addit inform intend financi measur addit argument back posit german govern measur constitut aid approv commiss draft busi plan nmh futur intend privat letter commiss inform german author decis initi procedur publish offici journal european commun decemb page invit member state interest parti submit comment commiss decid novemb initi procedur cover sharehold loan grant nmh bavaria tranch total dm million ecu million march august loan repres illeg state aid sharehold sharehold particip financ compani decis deal loan procedur implic decis german author intend grant part intend financi contribut nmh waiv claim aris loan cover procedur commiss author intend financi contribut favour nmh decis de facto cover sharehold loan subject procedur commiss procedur loan remain unaffect procedur commiss receiv comment govern member state state inject public capit repres state aid distort competit insid commun disadvantag nation competitor invest aid point commiss suppos ensur full complianc commun rule state aid steel industri german law firm act behalf german produc steel tube compet nmh subsidiari roehrwerk neue maxhuett gmbh rnm analys intend financi measur bavaria basi inform publish offici journal conclud measur repres state aid incompat sac point aid indirectli favour rnm direct competitor client improperli subsid plan bavarian govern carri french produc steel tube detail situat european tube market situat report reduct workforc forc carri call commiss enforc fulli relev provis treati relat financi measur directli indirectli favour tube produc subsidiari nmh british steel compani point nmh rescu involv state urg commiss implement state polici elimin subsidi steel industri incompat treati author aid design offset oper loss financ invest incompat sac nation steel produc associ express full concurr commiss initi conclus intend financi measur bavarian state constitut aid incompat ecsc treati sac submit commiss author inject capit bavarian govern nmh lsw nation steel tube associ support initi view commiss capit inject bavarian govern nmh lsw contrari ecsc treati sac request commiss implement state polici stop subsidi steel industri komite erhaltet unser arbeitsplaetz save job committe group unknown membership base sulzbach rosenberg point invest technic improv nmh instal protect environ pollut explain outstand import nmh region econom situat ask commiss give assent intend restructur compani citi sulzbach rosenberg citizen citi submit similar comment comment commun feder german govern letter date februari request state posit letter date februari german author submit addit inform exampl rescu measur carri privat undertak submit copi contract bavaria mr aicher max aicher gmbh amp conclud januari cover sale bavarian state sharehold nmh lsw oblig bavaria pai financi contribut contract enter forc approv commiss financi contribut meet repres bavarian govern german feder govern commiss held februari posit german govern detail contract submit explain discuss letter date march german author submit remark comment member state parti request ii basi inform receiv relev fact april formal insolv proceed eisenwerk gesellschaft maximilianshuett mbh maxhuett initi administr insolv decid continu oper order prepar restructur plan mid newli creat compani neue maxhuett stahlwerk gmbh nmh cover ecsc product rang maxhuett rohrwerk neue maxhuett gmbh rnm cover tube product busi maxhuett ik nmh sharehold rnm remain held kuehnlein nuernberg main sale agenc tube produc initi sharehold nmh feder state bavaria thyssen edelstahlwerk ag thyssen stahl ag lech stahlwerk gmbh lsw krupp stahl ag kloeckner stahl gmbh mannesmann roehrenwerk ag order enabl lsw particip nmh bavarian state share lsw decis date juli commiss conclud particip state compani state aid element agreement date decemb march kloeckner stahl gmbh transfer share nmh annahuett max aicher gmbh amp kg hammerau purchas price dm june krupp stahl ag thyssen stahl ag thyssen edelstahlwerk ag transfer share nmh lsw purchas price total dm feder german govern inform commiss letter date decemb transfer share effect independ assent part creditor present sharehold situat appear gt tabl gt lsw annahuett control entrepreneur mr aicher nmh produc approxim kilotonn year kt crude steel capac kt kt semi finish product approxim kt light heavi section capac kt subsidiari rnm produc approxim kt tube capac kt nmh emploi person rnm emploi person nmh made profit creation mid total loss end quantifi dm million ecu million lsw produc approxim kt steel electr arc furnac approxim kt hot roll long product light profil rebar bavarian state max aicher gmbh amp agre contract date januari state sell share nmh max aicher gmbh amp dm ecu agre bavarian state pai loss nmh accumul end loss final fix dm million ecu million payment bavaria amount dm million ecu million bavaria contribut inject capit equiti compani bavaria capac sharehold treat miscellan incom reduc loss compani contract enter forc approv bavarian parliament commiss sharehold loan grant bavaria set propos contribut dm million ecu million contract enter forc contribut grant partli waiv claim aris loan consider procedur open commiss decis novemb explain sharehold mannesmann roehrenwerk ag annahuett max aicher gmbh amp kg hold share nmh prepar contribut financi restructur nmh parti contract agre bavaria pai dm million ecu million cover cost invest burden altlasten environment protect protect nois air pollut bavarian state mr aicher agre contract date januari state sell share lsw mr aicher dm ecu pai compensatori payment dm million ecu million lsw bavaria contribut inject capit equiti compani bavaria capac sharehold treat miscellan incom reduc loss compani contract enter forc approv bavarian parliament commiss sharehold lsw max aicher gmbh amp sole sharehold lsw assum financi respons loss compani limit provis german law privat limit compani contribut max aicher gmbh amp compar propos contribut bavaria max aicher gmbh amp prospect return financi particip sharehold agreement transfer profit loss nmh rnm termin februari iii german author state posit commiss decis initi procedur comment receiv member state parti posit german govern support argument german govern opinion propos contribut dm million ecu million nmh keep normal behaviour privat market investor compar situat constitut state aid german author point sale share held state bavaria part privat plan cover number state hold compani dasa bayernwerk rhein main donau ag iabg fernga nordbayern bh ag hold attract high purchas price feder german govern opinion neg purchas price sale bavaria share nmh lsw part posit total sale proce bavaria receiv entir portfolio calcul cover entir privat programm lead posit purchas price result action propos case nmh offset sale profit compani german author opinion privat investor sell entir portfolio behav similarili sale provid entir oper led posit sale proce reflect market portfolio german govern argu privat investor return invest mere limit loss caus engag sell share ail compani privat investor assum due respons bear mind reput social respons stand market compar situat privat investor german author contribut capit prospect return sell share compani sharehold nomin purchas price german author report case illustr opinion privat investor behav compar case refer rescu metallgesellschaft privat creditor sharehold manag bui maschinenfabrik weiherhamm back financ parent compani bayerisch berg huetten und salzwerk ag bh compani recent privat bavaria viag ag financi restructur textilgrupp hof sharehold bank manag bui part digit equip graetz holztechnik gmbh subsidiari nokia financi restructur kennamet hertel ag sale heilit amp woerner bau ag walter bau ag purchas price dm capit inject dm million seller meet februari german author argu commiss bear mind approach market investor member state compar behaviour state hypothet behaviour market investor behaviour privat sharehold nmh krupp hoesch thyssen kloeckner sold share nomin low purchas price transfer claim aris sharehold loan compani take share financi contribut german govern evid contrari privat sharehold intend shed particip loss make compani compet core busi fact mannesmann roehrenwerk ag sharehold nmh prepar grant financi contribut restructur compani feder german govern state propos action differ normal market investor mannesmann interest keep sharehold rnm industri leadership fact annahuett max aicher gmbh amp kg hold share nmh contribut financi restructur nmh german govern doubt sharehold recent manag control mr aicher stahlwerk annahuett beteiligung gmbh consid compani respons loss accumul nmh german govern explain aicher group contribut financi restructur nmh total dm million ecu million consist dm million ecu million maintain liquid lsw dm million ecu million intend purchas price paid mr aicher claim bank vi vi nmh dm million ecu million basic cash flow nmh dm million ecu million aris synergi effect group nmh lsw annahuett contribut prove german govern privat entrepreneur compar situat provid financi assist compar german govern opinion commiss approv particip bavaria nmh intend condit sale share present repres german author consequ particip intend behaviour state regard cover decis commiss intend contribut dm million ecu million lsw connect transfer share bavaria mr aicher german author put forward larg argument contribut nmh explain dm million intend cover loss lsw suffer ow particip nmh bavaria share lsw share nmh intend contribut maximum dm million ecu million cover invest nmh german author refer agreement state bavaria thyssen edelstahlwerk ag thyssen stahl ag lsw saarstahl voelklingen gmbh krupp stahl ag kloeckner stahl gmbh mannesmann roehrenwerk ag novemb hand repres commiss meet novemb agreement outlin plan continu oper maxhuett newli creat nmh contain provis instal free burden takeov free burden imposs state bavaria ensur mhn nmh affect result econom respons german govern contend provis subject apprais commiss adopt decis juli consid approv present expert report german law firm commiss manag nmh conclud interpret term altlastenfrei uebernahm der anlagen takeov instal free burden includ oblig part state ensur technic instal transfer technolog updat result outstand repair invest paid state bavarian govern share legal opinion decid risk legal proceed order avoid impress bavaria endang futur nmh withdraw legal oblig german author opinion provis oblig state pai repair instal compli technolog standard protect environ nois dust exhaust fume payment approv commun state aid rule commiss decis juli iv neue maxhuett stahlwerk gmbh lech stahlwerk gmbh compani fall articl ecsc treati produc product list annex ecsc treati provis ecsc treati steel aid code applic rnm produc product fall ec treati benefit intend financi measur state agreement transfer profit loss nmh rnm termin fact nmh sharehold rnm irrelev applic ecsc treati case commiss initi procedur state coverag total loss accumul nmh end estim made outset procedur correct german author relev loss establish dm million ecu million intend contribut bavaria fix dm million ecu million situat commiss extens procedur state aid mean articl ecsc treati transfer state resourc public privat steel firm form acquisit sharehold provis capit similar financ financi transfer genuin provis risk capit usual invest practic market economi allow prospect futur return invest revenu intend payment state dm million ecu million nmh intend coincid sale bavaria share compani nomin price privat compani constitut transfer state resourc steel firm outstand question transfer state resourc consid genuin provis risk capit usual invest practic market economi allow prospect futur return invest revenu german author explain procedur provis public capit repres inject equiti capit compani bavaria sharehold compani attend expect futur revenu capit payment treat lost subsidi paid order busi continu sale state share account compani reduc accumul loss state bavaria sharehold particip privat limit compani legal oblig provid financ excess share stock capit oper purchas share neg purchas price bavaria decid inject capit accept bankruptci compani arrang line legal oblig sharehold privat limit compani fact bavaria sell number share undertak total purchas price posit accept neg purchas price nmh lsw irrelev current procedur singl case consid fact treati member state grant aid compani part privat sole justif state budget balanc sale valuabl compani articl ecsc treati commun prejudic system ownership undertak treati appli commiss neutral privat share ecsc undertak state permiss give premium intend privat assess financi measur state favour steel undertak context german author claim privat investor behav similarli situat compani held stake year accumul loss threaten surviv wish termin commit german govern admit legal oblig sharehold cover loss compani share stock capit opinion consider imag reput stand social respons investor lead conclus final contribut cover major part debt accumul proper sell share nomin sum context recal court justic held judgment march privat sharehold subscrib capit secur surviv undertak experienc temporari difficulti capabl profit possibl reorgan accept parent compani limit period bear loss subsidiari order enabl close oper condit decis motiv sole likelihood indirect materi profit consider desir protect group imag redirect activ inject capit public investor disregard prospect profit long term provis capit regard aid intend final inject capit coincid sale share bavaria disregard prospect profit long term bavarian state receiv return capit exampl feder german govern prove state take loss preserv imag line normal market investor behaviour bear posit sharehold decid inject addit risk capit ensur surviv compani remain sharehold chanc receiv return invest futur paragraph quotat compani metallgesellschaft ran econom difficulti account manag mistak support credit bank sharehold overcom past mistak futur return invest limit loss caus support bank sharehold decid basi strictli econom consider cover limit loss preserv revenu prospect case kennamet hertel ag feder german govern report major sharehold bank sold stake nomin price dm waiv dm million claim aris loan financi restructur compani descript fulli cover background case compani run difficulti mistak manag close insolv mid situat sharehold meet decid carri reduct capit aktiengesetz share bavarian bank mr hertel member manag crisi obviou sold nomin price unit state compani kennamet competitor hertel ag stake compani kennamet inject dm million fresh capit part increas capit stock provid proper basi european subsidiari hold sharehold termin engag offer dm share employe bank contribut financi restructur dm share employe bank contribut financi restructur forego salari partli waiv claim aris loan sharehold termin commit econom interest limit loss unlik bank waiv part claim order save event insolv futur return invest mr hertel sold stake dm agre inject capit part manag team respons deterior compani financi situat situat bavaria case compar situat mr hertel context kennamet hertel ag illustr bear view feder german govern provis capit manag bui compani bound parent compani agreement transfer profit loss maschinenfabrik weiherhamm base comparison cost liquid cost inject capit legal respons outstand liabil subsidiari limit manner sharehold privat limit compani gesellschaft mit beschraenkt haftung gmbh bound agreement cost outsourc part compani digit equip graetz holztechnik gmbh born ensur futur suppli specif part hous product reduc cost part realiz econom benefit case heilit amp woerner bau ag munich schoerghub group base munich activ real estat invest develop breweri sector acquir independ build undertak subsequ merg form heilit amp woerner bau ag background intent extend activ group cover entir real estat sector includ invest develop construct hold financi result compani deterior steadili group introduc restructur measur final led red situat group decid termin engag leav construct sector altogeth stake compani sold walter bau ag augsburg nomin price dm final contribut equiti dm million ecu million paid manag schoerghub group final contribut calcul basi exist construct contract custom abroad caus loss transact desir protect reput group persuad manag end involv provid final lost payment equiti capit case illustr behaviour part privat compani consid compar propos behaviour state present procedur differ point schoerghub group remain activ real estat busi highli interest retain good busi contact compani work sector react critic group prepar number institut creditor heilit amp woerner slip econom difficulti insolv contrast bavaria termin industri particip nmh similar interest schoerghub group vital interest keep good relat region public administr charg town plan consider focus long short term profit aris direct inject capit dm million indirect econom advantag aris good futur stand reput group observ compani public good group consid import element ensur profit futur activ recal distinct drawn eni lanerossi case investor sole motiv profit privat entrepreneur industri hold decis govern short term profit intent protect reput case heilit amp woerner hold group schoerghub act privat entrepreneur regard futur busi stand entir group market public ey state behaviour compar behaviour normal privat investor intent realiz long term profit basi criterion laid court justic case eni lanerossi quot german author privat investor paid monei order transfer share held privat entrepreneur receiv econom advantag prefer legal altern accept bankruptci compani inject capit compani yield return invest analysi individu exampl investor behaviour argument feder german govern commiss differ typic behaviour investor member state resolv present question typic behaviour part german investor compar bavarian govern case support conclus bavaria act privat investor establish public provis capit correspond normal market practic commiss focus behaviour privat investor situat state privat sharehold compani concern gener polici compani economc situat decid invest econom advis privat sharehold nmh krupp hoesch kloeckner thyssen dispos share year final privatis plan bavarian govern cover transfer share nmh lsw aicher group nomin price posit purchas price time situat compar present threaten nmh sharehold sold claim aris sharehold loan condit treat equal creditor price claim concern prepar inject addit capit top agre behaviour normal oper termin loss make commit lowest econom penalti desir rid competitor motiv acquir share cheapli control manag manag sought wind order decid liquid compani mannesmann roehrenwerk ag sharehold nmh prepar grant financi contribut nmh restructur motiv maintain industri leadership rnm explan fact behav krupp hoesch thyssen kloeckner prove propos behaviour state genuin provis risk capit market economi aicher group consist lsw annahuett max aicher gmbh amp kg compani control entrepreneur max aicher hold share nmh bavaria prepar inject capit explan german govern aicher group propos inject dm million ecu million mislead earlier contribut design maintain liquid lsw compar propos behaviour state sharehold provid financ remain sharehold chanc realiz futur revenu return provis fund purchas price claim bank nmh compar mr aicher pai nomin condit financi restructur compani propos public contribut final carri propos public contribut purchas price claim consid market claim basic cash flow nmh contribut aicher group reflect intent manag control group invest futur incom nmh synergi effect industri group similarli contribut aicher group compar provis capit effect work advantang particip group group exist aicher group sharehold nmh sole sharehold lsw intend transact main beneficiari invest provis capit compani prepar inject capit compani commiss decid juli particip state nmh constitut state aid privat investor take major share particip equal term decis prejudg futur behaviour state desir connect invest singl transfer public resourc consid light circumst decis commiss invest constitut state aid consid includ decis futur deal state connect invest repres state aid state consid behaviour consequ particip conclud privat investor situat state bavaria prepar contibut compani surviv compar conclud intend payment dm million ecu million nmh connect sale bavaria share qualifi genuin provis risk capit market economi constitut state aid intend contribut dm million ecu million lsw connect transfer share bavaria nomin price point major sharehold contribut coverag loss compani compar earlier contribut maintain lsw liquid compar propos action state sharehold inject capit remain sharehold receiv chanc futur revenu provis capit aicher group futur decid cover loss compani behaviour match prospect particip futur profit compani bavaria inject public financi resourc prospect sharehold privat limit compani bavaria oblig inject capit share stock capit compani decid contribut accept possibl lsw capit cover loss suffer manag seek wind order argument put forward part iv relat intend contribut nmh hold good intend contribut lsw normal privat investor make financi contribut compani termin particip realiz return conclud privat investor situat state bavaria prepar contribut compani futur compar intend payment dm million ecu million lsw connect sale bavaria share constitut provis risk capit market economi state aid state aid steel compani prohibit articl ecsc treati sac adopt unanim assent council pursuant articl ecsc treati possibl design type aid compat common market aid research develop articl environment protect articl closur articl aid gener region invest aid scheme territori commun articl intend state aid form contribut dm million ecu million nmh dm million ecu million lsw cover provis compat sac intend contribut dm million ecu million cover cost invest recal commiss decid juli particip bavaria nmh constitut state aid provis agreement novemb quot part iii gener understand altlasten initi subscrib offici bavarian govern cover past contamin site instal context recal maxhuett or mine close present environment problem requir solut commiss confront similar arrang takeov instal insolv compani newli found compani risk made liabl contamin caus past manag steel chemcial product concern high incalcul possibl sell land nomin price find site result industri site region affect sever restructur problem state take econom risk serv public interest confer real econom advantag purchas land bui provis beneficiari provis compani liabl environment damag case ceas exist german govern submit write oral contractu arrang includ oblig state bear cost repair invest instal product page expert report law firm commiss manag nmh interpret therm altlasten disclos commiss decis juli opportun interpret term question state aid rule intent bavarian author grant dm million invest aid cover commiss decis juli natur intend payment establish current procedur financi contribut financ invest cost transfer state resourc steel firm genuin provis risk capit market economi constitut state aid intend payment dm million eu million design invest compli requir protect environ commiss point open procedur payment pursuant articl sac german author provid inform commiss establish condit provis met german author provid inform repeat argument payment cover commiss decis juli german author demonstr interest part invest cost approv pursuant articl sac intend contribut dm million ecu million consid gener invest aid compat sac articl sac appli compani locat territori german democrat republ commiss conclud intend financi measur state bavaria constitut state aid compat ecsc treati sac adopt decis articl intend contribut dm million cover past loss intend contribut dm million cover cost invest ecsc steel undertak neue maxhuett stahlwerk gmbh sulzbach rosenberg intend contribut dm million cover past loss ecsc steel undertak lech stahlwerk gmbh meitingen herbertshofen constitut state aid prohibit pursuant provis ecsc treati permiss pursuant decis ecsc aid grant articl germani inform commiss month notifi decis measur compli therewith articl decis address feder republ germani brussel april commiss karel van miert member commiss court justic case belgium commiss ecr itali commiss ecr commiss decis ecsc novemb oj paragraph ii commiss commun member state public undertak oj paragraph italian republ commiss ecr paragraph decis ecsc novemb paragraph ii