commiss decis aid provid italian govern alfa romeo undertak motor vehicl sector italian text authent eec commiss european commun regard treati establish european econom commun subparagraph articl thereof notic accord abovement articl interest parti submit comment letter date octob commiss request italian govern inform alleg aid form capit amount lit billion press inform italian govern provid alfa romeo letter date novemb perman represent italian govern confirm amount lit billion form capit contribut alloc alfa romeo basi decis sharehold finmeccanica iri order cover loss incur compani half state inform coverag loss occur end provid view recent conclus negoti acquisit alfa romeo fiat telex date decemb commiss request italian govern inform aid envisag provid favour alfa romeo fiat framework alfa romeo fiat telex date januari italian perman represent italian govern inform commiss public financi assist involv contempl framework oper acquisit fiat place basi evalut compet offer ford fiat undertaken independ consult consist normal market practic state final financi data request commiss forward due request inform commiss italian govern telex march state expert conclud offer econom accept propos fiat prefer offer speedier renew alfa romeo product rang includ alfa romeo italian associ partli avoid loss finmeccanica contain clearer statement employ goal repli contain inform price offer fiat acquisit alfa romeo involv partial maximum lit billion includ loan grant law alfa romeo debt amount lit billion paid fiat annual instal start sixth year januari date acquisit alfa romeo debt state remain debt af alfa romeo fiat assum finmeccanica includ loan obtain law commiss request detail inform term sale alfa romeo fiat compet offer ford occass letter date juli italian govern addit inform juli commiss decid initi procedur provid articl eec treati respect inject capit amount lit billion alfa romeo respect alleg subsidi includ term fiat acquir alfa romeo basi inform commiss afraid italian govern aid fiat sens competit advantag charg lower price obtain bidder ford asset alfa romeo fiat end assess extent acquisit price account capit provis letter date august commiss request italian govern submit comment respond precis question rais letter accord articl member state parti request submit comment ii framework procedur italian govern submit observ letter date octob confirm view term sale alfa romeo fiat aid element fall articl eec treati provid data appear addit capit provis lit billion made alfa romeo group suffer loss loss amount lit billion state amount debt alfa romeo auto fiat amount lit billion italian govern finmeccanica provid requir inform condit comparison compet offer directli finmeccanica submit comment commiss letter date octob decemb march member state submit observ abovement procedur iii inform italian govern finmeccanica part procedur appar inject lit billion capit serv reduc net financi debt alfa romeo group equival amount capit inject provid finmeccanica partli realiz subsidiari saig wholli own finmeccanica inject capit substanti improv financi situat alfa romeo group note capit inject decid june ongo sale negoti finmeccanica ford place und septemb commiss decid extend procedur initi juli order examin aid form provis capit lit billion commiss repeat request italian govern provid full detail sale alfa romeo precis term compet offer letter date commiss request italian govern submit comment specif question evalut compet offer put finmeccanica italian govern letter date accord articl member state interest parti request submit comment iv italian author present comment letter date juli annex letter letter finmeccanica date juli letter italian author date novemb annex provid detail inform financi situat alfa romeo end timet negoti finmeccanica bid compani term sale agreement fiat finmeccanica financi arrang asset alfa romeo finmeccanica retain term subsequ sale public bank repay remain financi debt finmeccanica creation alfa lancia group fiat perform invest alfa romeo plant aid obtain invest capit inject lit billion alfa romeo decid provid june sharehold finmeccanica subsidiari saig italian govern state object reason link recapit decis sale alfa romeo unlik capit inject amount lit billion capit inject made offset loss achiev reduct share capit link triennial invest programm compani maintain healthi financi posit light strateg choic made order find radic solut structur crisi capit contribut opinion italian govern regard compat treati alfa romeo prestig lead role world sportscar market larg scale econom restructur programm optim technolog potenti attract privat sharehold oper consid fulli line govern polici privat sector state particip strateg import state date alfa romeo gener assembl decis increas capit lit billion sharehold paid increas capit negoti progress ford serv demonstr oper intend favour fiat italian author consid commiss view increas capit enabl fiat acquir alfa romeo shoulder entir burden debt foundat comparison fiat ford offer italian author repeat decis favour fiat base financi assess offer undertaken independ consult conclus form basi fair opinion issu novemb conclus fair opinion consider receiv finmeccanica ford propos fiat propos econom accept rang valuat consult consid fair conclud fiat offer prefer financi point view finmeccanica italian author finmeccanica manag board accept fiat propos financi advantag advantag compar ford offer reliev finmeccanica oblig share alfa romeo loss januari contribut restructur requir elimin structur loss alfa romeo product rang renew rapidli offer guarante attain reason level competit european market fairli short period time oper compani alfa romeo includ stronger commit employ object consider led manag board finmeccanica iri decid favour fiat approv italian govern decis novemb member state submit comment extens procedur alfa romeo largest car manufactur itali compani set part public hold compani iri case car manufactur oil price shock caus unpreced crisi car market result loss alfa romeo alfa romeo recov financi continu incur loss year begin compani problem result strateg decis preced year late compani decid enlarg model rang start produc light car construct alfa sud manufactur assembl plant napl plant oper annual vehicl assembl capac alfa romeo practic doubl car plant suffer excess capac industri relat problem low labour product heavi financi burden alfa sud prevent renew product made alfa romeo milan plant modern product facil late alfa romeo manag pursu defens market strategi abandon foreign activ joint ventur turn year year plan year represent turn point compani strategi year strateg plan adopt involv larg scale invest aim enlarg product volum make competit accompani aggress market polici plan involv organiz restructur alfa romeo alfa sud merg singl compani alfa romeo auto aircraft engin industri vehicl divis legal entiti avio arveco main featur product plan aim break level motor vehicl year renew model rang shorten product life model agreement fiat group product common compon joint ventur japanes firm nissan product light car arna napl plant alfa romeo suppli engin alfa sud product mechan compon nissan suppli car bodi huge increas product plant util forecast plan occur optimist arna prove failur alfa romeo market share drop steadili product declin period view consider surplu product capac european level alfa romeo undertook review object defin organ structur longer base improv market term volum price unrealist drastic reduct product oper cost restructur resourc gener compani revis invest plan set lower break level vehicl year complet renew product process optim model rang produc macrocompon model step entail larg cut workforc cassa integrazion invest alfa romeo receiv public aid law no novemb juli commiss approv invest aid alfa romeo form lit billion subsidi lit billion soft loan interest relief assist transfer activ mezzogiorno plant product common compon fiat decemb commiss approv lit billion soft loan lit billion subsidi support innov invest amp expens invest link subsequ capit inject present part wider restruct oper involv technic financi restructur group limit exercis relat specif transfer activ mezzogiorno stage year italian author notifi express commiss intent inject capit grant aid alfa romeo order support addit invest financi restructur compens oper loss group consequ fact invest plan produc expect improv labour product product qualiti financi result alfa romeo deterior drastic year decis sell motor vehicl activ alfa romeo group result seri assess futur strategi restructur plan prove failur assess carri directli finmeccanica iri govern parliamentari bodi show group profit independ produc solut alfa romeo deepen financi market crisi merg compani larg motor vehicl manufactur earli lead world motor manufactur approach determin interest acquir share alfa romeo simpli group motor manufactur activ propos made ford fiat intens technic studi negoti finmeccanica alfa romeo ford ford made formal offer septemb acquisit alfa romeo valid novemb ford propos alfa romeo singl compani ford minor sharehold exercis option acquir major stake year ford preserv alfa romeo ident brand distinct characterist gradual increas product volum full capac preserv current employ level propos includ put call option acquisit remain share year acquisit share complet year ford acquir equiti alfa romeo auto subsidiari alfa romeo credit leas nation sale compani countri ford stage acquir arna spica arveco ford propos includ invest plan subsequ year estim cost lit billion cost invest divid sharehold finmeccanica ford proport hold time oper loss share ford expect return alfa romeo profit octob fiat inform finmeccanica cooper restructur relaunch alfa romeo set main point propos undertook provid detail octob fiat finmeccanica work propos provid detail letter novemb state offer acquir net invest capit alfa romeo group estim basi inform provid finmeccanica lit billion fiat propos moment acquisit net financi debt alfa romeo group amount lit billion remain lit billion subject audit control paid annual instal payabl end sixth year date acquisit end year object fiat acquisit creation legal entiti merger activ alfa romeo lancia product execut car compani name alfa lancia reach product capac vehicl year alfa romeo car exist capac alfa romeo amount car maintain fulli util view increas market share alfa lancia vehicl fiat invest lit billion compani earmark alfa romeo plant end worker emploi alfa romeo plant surplu workforc laid absorb cassa integrazion earli retir scheme part alfa romeo group compani fix intang asset liabil lit billion net work capit stock alfa romeo spa alfa romeo auto sharehold italian foreign subsidiari alfa romeo intern novemb finmeccanica manag board decid accept fiat offer state accept includ decis finmeccanica transfer fiat sharehold compani assign directli compani control begin decemb consequ sale agreement finmeccanica fiat alfa romeo auto alfa romeo spa transfer asset book fiat group januari fiat assum full effect respons manag asset transfer januari fiat acquir alfa romeo spa alfa romeo auto asset abovement sharehold alfa subsidiari total lit billion subsequ defin basi audit balanc sheet decemb date alfa lancia group creat oper date compani liabl lit billion net financi liabil alfa romeo group alfa romeo spa alfa romeo auto chang name finmilano sofinpar june finmilano sofinpar sold banco di roma credito italiano control iri total lit billion sale remain asset liabil compani fiat transfer finmeccanica finmilano sofinpar left lit billion financi credit repres fund obtain compani transfer finmeccanica remain alfa romeo asset letter box compani tax credit accumul loss alfa romeo group main reason acquisit bank alfa lancia group profit undertak year exist loss alfa romeo divis fiat reach agreement labour union alfa romeo led rapid improv financi perform alfa lancia group continu receiv aid law no invest plant alfa romeo group aid amount lit billion grant lit billion soft loan invest amount lit billion vi moment sale structur alfa romeo group alfa romeo spa hold compani alfa romeo group sharehold finmeccanica iri alfa romeo auto car product sharehold finmeccanica alfa romeo spa saig arna car assembl sharehold alfa romeo nissan arveco commerci vehicl compon alfa romeo spica compon accessori alfa romeo merisint mc autodelta smaller product compani alfa romeo alfa romeo credit alfa romeo intern alfa romeo leas financ compani distribut compani countri year exist alfa romeo group produc vehicl car produc milan plant car napl plant group sold vehicl number car sold itali export increas comparison alfa romeo italian market share amount relev market segment total commun market share amount group turnov amount lit billion earn export product capac car year maintain rate capac util amount year alfa romeo group workforc person addit worker temporarili unemploi cassa integrazion financi result group minu lit billion compar record loss lit billion fiat privat own undertak involv chiefli product market passeng car commerci vehicl industri vehicl farm machineri repres activ remain oper cover industri equip machin tool avion telecommun bio technolog financi oper servic fiat produc car commerci vehicl improv market share europ domin italian market market share compani highli profit recent year alfa romeo fiat rate capac util exceed fiat led european market estim market share western europ registr amount million car vii examin compat common market transfer state resourc form capit inject alfa romeo group form acquisit price market favour fiat commiss verifi extent measur aid element mean articl eec treati commiss consid capit contribut lit billion lit billion alfa romeo spa alfa romeo auto aid element aid fall articl basi consolid account suppli italian author letter date octob loss incur capit contribut alfa romeo group period broken billion lira loss capit contribut total clear period question loss incur group total lit billion financ state contribut amount lit billion figur includ capit contribut lit billion lit billion inject subject decis inject refer total lit billion effect italian state iri finmeccanica oper subsidiari saig note finmeccanica resourc balanc sheet show neg cash flow result iri owner finmeccanica oblig interven remedi cash flow posit financ invest made finmeccanica year question cf capit contribut lit billion lit billion provid iri refer page finmeccanica financi report note iri receiv state resourc purpos form capit grant convert bond specif earmark finmeccanica recapit financi restructur undertak engin automot sector offici journal italian republ gener seri present case concern aid grant italian state state resourc alfa romeo auto indirect mean public financi entiti iri finmeccanica wholli control state connect case law court justic european commun relev judgment novemb case intermil judgment juli case meura case boch addit state aid pursuant articl treati mean measur financ privat undertak draw resourc judgment januari case crédit agricol judgment februari join case van der kooi addit commiss refer state aid element grant alfa romeo commun septemb acquisit public author hold undertak commun state aid involv fresh capit contribut state circumst accept privat investor oper normal market economi condit case financi posit compani structur volum debt normal return dividend capit gain expect reason time capit invest inadequ cash flow reason compani unabl rais fund need invest programm capit market view alfa romeo group loss increas rapidli onward deterior net debt situat lit billion neg cash flow year observ lack reason return capit inject capit contribut lit billion lit billion constitut state aid circumst privat investor oper normal market economi condit undertaken invest italian govern letter date novemb capit inject lit billion provid iri finmeccanica alfa romeo spa offset loss lit billion lit billion half balanc lit billion cover compani reserv lit billion receiv alfa romeo spa contribut lit billion alfa romeo auto capit increas lit billion capit inject enabl alfa romeo auto recapit financi year reduc equiti capit lit billion lit billion order compens loss occur quarter total lit billion balanc lit billion cover compani reserv capit inject alfa romeo auto liquid reason amount lit billion result capit increas decid alfa romeo extraordinari sharehold meet june improv net financi posit alfa romeo reduct debt alfa romeo auto repaid debt transfer amount alfa romeo spa turn repaid loan june decemb group level net financi debt reduc lit billion lit billion lit billion capit inject made lit billion capit inject made constitut aid favour alfa romeo aid undertak busi artifici moment sale aid grant alfa romeo group affect trade member state intens intra commun trade product manufactur fact passeng car trade member state amount million unit export itali member state alfa romeo auto export car member state total car product alfa romeo share commun car market amount conclus public contribut lit billion lit billion constitut aid mean articl eec treati commiss investig acquisit price paid fiat lower price offer ford order establish finmeccanica renounc substanti part market alfa romeo confer financi advantag fiat commiss compar offer basi present total net finmeccanica offer ident difficult compar commiss conclud ford offer averag slightli higher financi term includ futur commerci risk finmeccanica link develop alfa romeo net result period contrast fiat offer exclud kind risk consequ commiss consid absenc futur risk finmeccanica explain fiat group chosen exclud differ earn result subsequ sale finmeccanica remain busi acquir account bidder commiss consid acquisit price paid fiat discount term equal lit billion januari broadli compar offer ford aid element involv finmeccanica accept fiat ford offer fact acquisit price paid fiat lower net book asset acquir end consid reflect fair price asset acquir take account estim futur oper loss alfa romeo signific amount invest ration cost restor compani viabil viii aid notifi commiss provid articl eec treati italian govern fail give prior notif aid question commiss unabl state view measur implement aid incompat common market award breach articl respect recal view imper charact rule procedur laid articl import public order direct effect court justic recogn rule june case capolongo judgment decemb case lorenz judgment march case steinik illeg aid issu remedi posteriori case aid imcompat common market commiss make possibl articl court justic judgement juli case kohlegesetz februari case deufil requir member state recov aid grant recipi ix articl eec treati list aid compat common market compat treati determin context commun singl member state order safeguard proper function common market take account principl articl derog principl articl set articl constru narrowli aid scheme individu aid measur scrutin appli commiss satisfi free plai market forc aid induc prospect aid recipi adopt action contribut attain object regard except provid articl aid promot facilit develop area applic aid measur benefit except provid abovement derog alfa romeo product plant locat region assist area aid measur consider constitut rescu aid caus distort competit commun car industri link restructur plan solv structur problem compani restor viabil consid contribut long term econom develop region secur long term viabil employ link region economi qualifi accept region aid commiss approach previou case relat rescu aid compani oper region confirm commiss commun method applic articl region aid italian govern fact attempt justifi aid region ground except provid articl result forego aid question intend design promot execut import project common european interest remedi disturb italian economi italian govern invok derog regard except provid articl respect aid facilit develop econom activ commiss sector aid compat common market principl articl met aid develop sector commun standpoint alter trade condit extent contrari common interest principl systemat verifi order assess compat capit inject refer lit billion capit inject provid lit billion provid analysi alfa romeo financi situat section vi demonstr capit inject improv net worth compani alfa romeo face financi difficulti creditor reason prospect return capit invest capit inject restor financ group constitut rescu aid regard compat common market fulfil condit set commiss commun member state januari consist cash aid form loan guarante loan bear normal commerci interest rate paid time need gener exceed month draw feasibl recoveri measur advers effect industri situat member state notifi commiss advanc signific individu case view fact aid notifi advanc compens loss reduc financi debt link restruct programm paid form loan advers effect industri situat member state enabl compani continu compet artifici improv financi basi capit inject compat common market clear judgment court justic case meura boch rescu aid qualifi derog articl restor compani health compani expect oper viabl basi assist reason time excess product capac industri concern commun present case clear late onward consider capit inject made purpos cover loss period alfa romeo group continu reli heavili state resourc public fund expect confirm event decemb state particip sector final termin explain section vii capit inject alfa romeo group normal market economi condit liquid capit contribut lit billion lit billion constitut rescu aid artifici enabl alfa romeo remain busi rescu aid compli abovement criteria establish commiss letter member state januari argument put forward italian author capit inject lit billion link invest programm implement regard fulli compat commun competit rule accept commiss commiss consid capit inject lit billion form part total financi resourc alfa romeo group amount lit billion lit billion invest financ loss amount lit billion net debt amount lit billion italian author unabl prove invest serv restructur purpos link reduct unutil assembl capac strateg plan set area invest period reduct product cost reduct overhead cost develop product market plan resolv underli structur problem compani market integr progress part process creat singl market intern frontier distort competit caus grant aid felt keenli competitor receiv aid fact account commiss appreci aid case respect commiss consid manufactur entitl consist approach compat treati commiss approv rescu restructur aid except circumst aid link satisfactori restructur plan grant demonstr commun interest serv keep manufactur busi establish viabil commiss ensur aid enabl beneficiari increas market share expens unaid competitor case compani excess capac commiss requir reduct capac order ensur aid contribut recoveri sector context note year alfa romeo rescu capit injecton signific capac commun car industri commiss appli polici consist past motor vehicl industri commiss sensit sector commiss laid decis eec march aid provid french govern renault group undertak chiefli produc motor vehicl rescu restructur aid regard compat common market link restructur plan involv signific capac reduct proport aid amount principl appli commiss decis eec juli aid provid unit kingdom govern rover group undertak produc motor vehicl connect sale british aerospac stress contrari principl establish abovement decis strateg plan alfa romeo provid reduct alfa romeo consider surplu capac view consider conclud rescu aid grant alfa romeo enabl remain busi artifici avoid liquid natur consequ allow free plai market forc prevent competitor increas share market aid grant alfa romeo form capit inject lit billion lit billion compat common market fulfil condit articl eec treati xi point section viii commiss case requir member state recov aid grant illeg recipi end withdraw incompat aid award alfa romeo group form capit inject lit billion lit billion principl aid repaid beneficiari alfa romeo inform suppli italian govern letter date juli alfa romeo spa liquid decemb transfer remain asset liabil finmeccanica section whilst longer recov total amount aid lit billion alfa romeo group commiss stress situat result infring articl eec treati italian govern aid notifi advanc plan stage commiss unabl initi administr procedur provid articl good time defin posit recent sale alfa romeo group consid fiat acquir total alfa romeo asset restrict financi liabil alfa romeo net financi debt lit billion fiat liabl repay aid fact paid fair price acquir asset alfa romeo view special circumst aid recov legal entiti liabl debt alfa romeo group exceed lit billion fiat owner alfa romeo group act vendor group finmeccanica finmeccanica sole beneficiari revenu gener sale asset alfa romeo group lit billion lit billion receiv fiat lit billion credito italiano banco di roma italian govern requir order finmeccanica repai aid question month date decis aid recov accord procedur provis nation law includ interest charg state claim finmeccanica repai aid month refer adopt decis articl aid form capit contribut total lit billion award italian govern public hold compani iri finmeccanica alfa romeo unlaw incompat common market mean articl eec treati provid contravent rule procedur laid articl aid incompat satisfi condit exempt provid articl articl italian govern requir recov aid refer articl finmeccanica month date notif decis recoveri carri accord procedur provis nation law includ interest charg state claim event repay take place month refer preced paragraph articl italian govern inform commiss month date notif decis measur compli herewith articl decis address italian republ brussel commiss sir leon brittan vice presid total capit contribut fact amount lit billion part amount lit billion award inca investimenti alfa sud hold compani financ activ relat car manufactur concern decis ecr ecr ecr ecr publish fiat payment lit billion equal instal start januari discount januari italian offici refer rate applic time offici journal italian republ ecr ecr ecr ecr ecr oj judgment septemb case phillip morri ecr oj oj