commiss decis decemb measur germani plan implement favour steel compani georgsmarienhütt hold gmbh notifi document number german text authent text eea relev ec ecsc commiss european commun regard treati establish european commun subparagraph articl thereof regard treati establish european coal steel commun articl thereof regard agreement european econom area articl thereof read conjunct protocol regard commiss decis ecsc decemb establish commun rule state aid steel industri call interest parti submit comment pursuant provis cite procedur letter date august germani notifi commiss asset sale receiv steel compani stahl gröditz subsidiari side subsidiari georgsmarienhütt hold gmbh gmh side letter date june commiss inform germani decid initi procedur laid articl ec treati articl commiss decis ecsc hereinaft refer steel aid code respect aforement measur commiss call interest parti submit comment unit kingdom steel associ unit kingdom perman represent beneficiari compani gmh comment context procedur august august commiss forward comment germani made comment thereon letter date august septemb germani respond open procedur letter date juli octob detail descript measur gröditzer stahlwerk gmbh subsidiari gröditzer locat saxoni gröditzer own treuhandanstalt tha public successor erel verwaltung gmbh und manag kg erel beteiligung manag gesellschaft mbh bmgb lastli bv februari bmgb enter agreement quot kauf und abtretungsvertrag über geschäftsanteil quot privatis agreement georgsmarienhütt group order privatis gröditzer year privatis gröditzer receiv import amount state aid tha successor form guarante sharehold loan aid paid privatis agreement privatis agreement provid gmh obtain legal ownership gröditzer approv commiss state aid paid paid gröditzer privatis agreement provid gmh entitl manag affair gröditzer await transfer legal ownership juli commiss adopt decis ec ecsc respect state aid gröditzer stahlwerk gmbh subsidiari walzwerk burg gmbh commiss decid inter alia state aid dem million incompat ecsc ec treati recov consequ decis gmh bv legal successor initi contractor bmgb termin privatis agreement view termin privatis agreement left gröditzer manag manag contract conclud bv gröditzer gmh time bv undertook step recov incompat aid gröditzer led heavili indebted gröditzer insolv appli bv largest creditor gröditzer stahlwerk gmbh declar provision insolv dresden bankruptci court septemb insolv januari date subsidiari stahlwerk gröditz gmbh edelstahl gröditz gmbh declar provision insolv manag contract termin open insolv proceed subsidiari april time manag contract conclud receiv gröditzer gmh valid contract meantim extend decemb august germani notifi concern asset sale gröditzer asset receiv gmh order sell asset receiv gröditzer conduct public tender bid procedur germani decemb sale asset gröditzer announc nation intern press faz ft potenti interest parti basi shortlist compani world directli contact asset estim publish provision receiv gröditzer stahlwerk gmbh dem million deadlin submit offer set februari possibl due dilig investig januari februari februari deadlin submit offer undertak due dilig investig extend march result resign replac receiv insolv gröditzer stahlwerk gmbh newli appoint receiv publish extend deadlin press asset sale announc februari letter potenti interest parti commun extend deadlin bidder inform cash bank deposit liabil asset deal involv compani show interest asset gröditzer arrang due dilig investig compani made offer asset offer reject receiv deadlin march offer receiv singl asset edelstahl gmbh jp schumach schumach düsseldorf base steel trade compani made offer februari offer dem million includ liabil gmh made offer februari dem million includ liabil approxim dem million march gmh revis offer exclud liabil dem million max aicher group aicher group made offer march dem million includ envisag addit liabil cash creditor committe ask march receiv gröditzer subsidiari negoti bilater parti made offer deadlin expir offer creditor chosen bilater negoti basi draft sale contract place april june negoti bidder inform insolv law prohibit liabil favour creditor schumach inform receiv offer approxim dem million deduct envisag cost staff provid german law fee unspecifi burden past led neg sale price receiv inform schumach june asset sale follow german insolv law provid neg sale price reaction schumach receiv receiv consid negoti fail june aicher group withdrew offer letter reason state need financi capac bid asset bayerisch maxhütt receiv put sale gmh remain bidder negoti conclud juli result approxim purchas price dem million sale contract claus entri forc subject commiss approv claus state contractu parti request commiss decis ensur buyer liabl respons seller result recoveri incompat aid procedur formal investig procedur initi commiss doubt sale procedur regard open transpar uncondit final sale price offer gmh regard market price gmh benefit futur state aid award manag contract gmh benefit incompat aid grant gröditzer relat privatis commiss doubt asset sale state aid gmh aid compat ec treati ecsc treati comment germani interest parti unit kingdom steel associ unit kingdom perman represent support initi doubt rais commiss unit kingdom steel associ submit inform indic bid procedur carri open transpar manner opportun carri full proper apprais gröditzer busi time manner interest parti differ sale price expert estim dem million asset state aid gmh unit kingdom steel associ unit kingdom perman represent case term manag contract market conform state aid gmh gröditzer integr gmh group incompat aid grant gröditzer relat privatis recov gmh germani beneficiari undertak gmh provid comment sale procedur sale procedur open transpar uncondit conduct receiv gröditzer obtain result interest creditor includ state sale procedur similar sale procedur previous approv commiss bidder time inform conduct due dilig order prepar bid sale basi offer tender compani contrari sale build static negoti place final negoti gmh awar remain bidder offer accept price paid gmh consid market price manag contract manag contract conclud market condit contract state aid gmh spill incompat aid relat privatis gröditzer interest gmh gröditzer integr gmh group gmh obtain legal ownership manag gröditzer limit import manag decis board manag member gmh invest undertaken foreseen invest program draft public predecessor bv main part incompat oper aid conclus privatis agreement expert apprais conduct request gmh submit question gmh profit aid relat privatis gröditzer expert confirm apprais gröditzer legal econom integr gmh group confirm invest undertaken basi invest concept public predecessor bv busi transact gmh gröditzer conduct arm length scope conclud busi insignific gröditzer turnov direct indirect transfer liquid fund gmh place expert find gmh benefit state aid grant relat privatis gröditzer recoveri germani gmh submit inform measur compli decis ec ecsc enter forc sale contract subject commiss approv germani request commiss posit question gmh aid recipi mean decis ec ecsc assess measur commiss consid gmh hold gmbh ecsc steel compani mere hold compani group major turnov gener ecsc steel compani exclud ultim beneficiari notifi measur ecsc steel compani measur assess articl ec treati articl steel aid code bv predecessor public institut form part german administr bv sole sharehold largest creditor gröditzer oblig recov debt gröditzer pursuant decis ec ecsc commiss note asset gröditzer sold price market price entail transfer state resourc gmh view commiss assess asset sold receiv market price sell concern break altern asset sale involv state aid favour gmh asset sold market condit concern sale procedur german author contend procedur open transpar uncondit conduct receiv gröditzer obtain result interest creditor includ state sell asset concern favour altern chosen compar sell individu asset offer except price paid gmh consid market price commiss note negoti sale price concern asset sale estim market approxim dem million estim break asset sale approxim dem million appear bid made break asset sale negoti sale price dem million concern sale correspond estim market dem million commiss establish sale procedur achiev market price asset investig procedur open commiss doubt sale procedur open transpar uncondit final sale price regard market price gmh manag compani provid possibl conduct due dilig oper condit germani provid inform basi due dilig investig offer bidder commiss conclud bidder offer suffici time inform order prepar bid doubt fact negoti conclud appear gmh remain bidder neg impact final sale price unit kingdom steel associ unit kingdom perman represent support initi doubt rais commiss unit kingdom steel associ claim bid procedur carri open transpar manner member opportun carri full proper apprais gröditzer busi time manner germani gmh maintain receiv offer interest bidder possibl carri proper valuat asset time manner basi bid bidder possibl conduct due dilig investig januari februari time visit gröditzer premis offer germani submit list inform provid interest bidder order enabl undertak proper valuat asset comment unit kingdom steel associ germani interest compani question visit gröditzer februari receiv offer inform proper apprais asset compani inform extend deadlin submit bid march compani wrote receiv review gather inform provid bid asset basi inform commiss note tender procedur includ call tender announc possibl bid asset break asset sale concern time interest parti order carri proper valuat asset consid open tender procedur commiss note condit staff provid german law subsect civil code impos buyer sale procedur inform provid germani bidder made awar concern asset sale legal consequ subsect appli buyer awar addit cost applic articl buyer reflect cost adjust offer asset final offer account cost buyer commiss take account inform provid germani interest bidder possibl conduct due dilig investig januari februari premis gröditzer possibl extend march compani show interest due dilig investig appear submit inform bidder offer inform order enabl undertak proper valuat asset commiss note interest member unit kingdom steel associ wrote march receiv submit bid sale procedur decis influenc sale procedur view inform provid commiss consid interest bidder opportun carri proper valuat asset basi bid commiss note bid procedur led situat gmh remain sole bidder inform circumst bidder max aicher group jp schumach withdrew appear independ sale procedur fact gmh manag gröditzer commiss take view mere fact bidder withdrew lead conclus asset sold highest bidder commiss note negoti gmh increas sale price dem million million dem sale price shift direct evalu market price due increas sale price amount aid recov insolv increas view take account final sale price commiss conclud sale price consid market price asset gröditzer manag contract state aid open procedur commiss note gmh award manag contract benefit incompat aid influenc outcom sale procedur commiss novemb final decis question manag contract aid gmh decis conclus award manag contract state aid gmh gmh benefit state aid grant gröditzer award manag contract gmh benefit incompat aid grant gröditzer commiss doubt gmh benefit futur illeg incompat aid grant gröditzer doubt relat fact privatis agreement manag contract award gmh open transpar uncondit procedur agreement provid gmh manag integr gröditzer group unit kingdom steel associ unit kingdom perman represent support initi doubt commiss state gmh benefit incompat aid gröditzer manag comment germani gmh reiter posit gröditzer integr gmh group gmh obtain legal ownership econom control germani submit expert apprais appear gmh benefit incompat aid grant gröditzer relat privatis commiss note submit expert apprais busi transact gröditzer gmh conduct quot arm length quot scope transact gröditzer turnov materi cost insignific commiss take account invest gröditzer undertaken basi invest plan erel bmgb public predecessor bv invest concept draft privatis agreement gmh conclud undertaken purpos gmh gröditzer interest take account direct indirect transfer liquid fund gröditzer gmh place commiss consid basi inform provid germani gmh benefit incompat aid grant gröditzer relat privatis recoveri octob germani submit inform recoveri incompat aid dem million sale contract enter forc case quot buyer asset gröditzer respect commiss decis ec ecsc respons liabil seller legal predecessor result recoveri incompat aid quot germani request commiss posit question gmh liabl recoveri claim gröditzer commiss recal question recipi incompat aid grant gröditzer stahlwerk gmbh laid commiss decis ec ecsc explicitli state decis term quot recipi quot compris gröditzer stahlwerk gmbh undertak asset transfer depriv recoveri incompat aid effect state open decis commiss present case final posit question germani measur compli commiss decis ec ecsc commiss reiter cooper germani basi articl ec treati view implement decis conclus commiss find measur constitut state aid mean articl ec treati articl ecsc treati adopt decis articl measur germani plan implement favour georgsmarienhütt hold gmbh constitut aid mean articl ec treati articl ecsc treati implement measur authoris articl decis address feder republ germani brussel decemb commiss mario monti member commiss oj oj buyer asset einhundertvierzigst kopa vermögensverwaltungsgesellschaft mbh einhundertvierundvierzigst kopa vermögensverwaltungsgesellschaft mbh subsidiari georgsmarienhütt hold gmbh context asset sale term gmh refer subsidiari april gröditzer stahlwerk gmbh sold asset liabil econom oper newli creat edelstahl gröditz gmbh stahlwerk gröditz gmbh subsidi stahl gröditz hold gmbh sole sharehold stahl gröditz hold gmbh bv meantim stahl gröditz gmbh sold share subsidiari gröditzer stahlwerk gmbh legal parti agreement georgsmarienhütt gmbh georgsmarienhütt verwaltungsgesellschaft mbh georgsmarienhütt bladenhorst grundstückverwaltungsgesellschaft mbh castrop rauxel gmh hold gmbh creat hold compani intern restructur georgsmarienhütt group oj novemb commiss final decis term manag contract conclud measur state aid gmh estim novemb certifi auktionshau dechow mr rolf hartmann concern asset sale insolv asset break sale estim dem million höltger edelstahl amp partner offer dem million asset gröditzer final sale price adjust account claim inventori dai sale contract enter forc claim valu inventori dem million provid differ arthur andersen juli