commiss decis state aid grant feder republ germani philipp holzmann ag notifi document number german text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof regard council regul ec march lai detail rule applic articl ec treati articl thereof call member state concern interest parti give view pursuant abovement provis regard comment procedur novemb commiss learnt media plan grant state aid philipp holzmann ag quot ph ag quot letter novemb call germani provid detail letter decemb germani notifi commiss subordin loan nachrangig darlehen state own kreditanstalt fur wiederaufbau quot kfw quot feder guarante bundesbürgschaft form part broader restructur plan notif letter date decemb letter februari commiss inform germani decid initi procedur laid articl ec treati letter march germani submit comment inform includ detail restructur plan addit inform commiss letter march meet repres german author march commiss decis initi procedur publish offici journal european commun commiss call interest parti give opinion receiv number observ competitor pass germani opinion germani comment receiv letter august request germani provid detail notifi aid letter april june august august august septemb octob novemb decemb januari februari march april august commiss learnt kfw plan grant ph ag loan request inform germani dai germani provid inform loan letter septemb octob novemb commiss repres repres german author discuss matter octob germani submit copi loan contract decemb kfw philipp holzmann ag letter januari detail provid januari ii detail descript aid philipp holzmann group philipp holzmann group ph ag largest german construct compani estim ph ag subsidiari germani largest supplier construct servic largest activ encompass design plan develop execut construct project kind core busi compris structur civil engin includ industri engin hous public build activ includ road build steel construct manag maintain build subsidiari holzmann carri busi global scale europ unit state america asia group total output dem billion eur billion dem billion eur billion earn germani output dem billion eur billion year group turnov total dem billion eur billion ph ag turnov amount dem billion eur billion end group employe worldwid roughli germani emploi ph ag countri unit state franc austria netherland spain thailand group employe ph ag subsidiari activ core busi main subsidiari activ area road build relat field deutsch asphalt grupp prefabr concret compound unit imbau grupp facil manag holzmann technisch servic gmbh hsg civil engin franki grupp möbiu baugesellschaft build servic heat ventil air condit scheu und wirth ag project develop ph holzmann bau projekt ag steel construct lavi group intern busi manag philipp holzmann intern frankfurt number subsidiari jone directli respons busi activ unit state america philipp holzmann österreich gmbh ast holzmann baugesellschaft mbh respons busi austria global term group claim europ seventh largest construct compani novemb crisi subsequ restructur main sharehold belgian gevaert group approxim share deutsch bank ag remain share dispers capit increas main sharehold deutsch bank ag gevaert consortium bank particip capit increas suffer advers busi trend compani embark comprehens restructur programm novemb discov consider loss amount eur billion account hitherto audit account complet emerg group lost eur billion ph ag eur billion group lost eur billion novemb ph ag file bankruptci frankfurt main district court file insolv creditor bank unabl agre contribut restructur plan put forward ph ag execut board consult firm restructur aid bankruptci petit withdrawn novemb creditor final agre restructur plan feder govern announc aid measur dem million eur million subordin loan kreditanstalt fur wiederaufbau kfw state own bank interest rate euribor initi loan run june term extend maximum month annual loan commit fee bereitstellungsprovis feder guarante dem million eur million respect loan dem million eur million grant maximum year commiss year measur notifi decemb restructur aid part restructur plan compris oper financi measur time germani submit gener restructur plan grobkonzept oper measur main featur plan work detail decemb januari main oper measur includ lai employe reduc number region site germani strict profit orient section compani cost cut cost save improv monitor system process manag streamlin domest portfolio reorganis subsidiari sharehold main financi measur notif liquid assist equiti dem billion provid german bank quot consortium bank quot share burden proport quot risk quot includ increas liquid capit preced capit reduct endow ph ag eur million capit purchas convert profit certif wandelgenussrecht eur million credit line konsortialkredit eur million notif aid pivot element enabl restructur plan bank discuss time put practic ground initi procedur decis initi formal investig procedur enshrin articl ec treati commiss view measur investig constitut state aid mean articl ec treati eea agreement distort distort competit advers affect trade member state subordin loan grant state own kfw quot interest quot feder republ germani whilst guarante grant govern measur view quot aid grant member state state resourc quot mean articl ec treati ph ag subsidiari activ europ notifi measur improv compani financi posit liabl affect econom situat competitor member state advers affect trade member state ow unclear word notif commiss rule possibl part aid subordin loan kfw grant ask germani clarif commiss preliminari assess view notifi aid assess basi commun guidelin state aid rescu restructur firm difficulti hereinaft refer quot guidelin quot commun guidelin applic consid form aid incompat guidelin provis rescu aid base preliminari assess condit authoris restructur aid set point guidelin commiss concur germani statement notif describ ph ag compani difficulti mean point guidelin express doubt compat aid measur common market restor compani viabil germani provid gener restructur plan grobkonzept oper measur defin imposs assess plan measur extent overcom structur defici caus problem commiss establish clear link oper part restructur plan financi measur notif contain detail cost plan restructur measur commiss note detail financi plan document project profit loss account year scenario risk analysi assess submit plan final light earlier mismanag commiss question plan measur suffici uncov dubiou liabil compani subsidiari avoid undu distort competit measur return aid mention notif reduct workforc central region offic subsidiari divest detail inform impact market segment deem relev notif view overcapac construct sector mention notif commiss doubt divest workforc cut consid irrevers reduct product capac wonder plan compensatori measur mitig neg effect competitor final commiss note germani present compar assess econom social consequ disappear firm difficulti quantit data provid view compani market posit commiss doubt germani assess gave balanc pictur impact rescu restructur aid limit minimum germani provid evid aid restrict minimum restor firm viabil beneficiari expand product capac implement restructur plan earlier rescu discuss bank fail commiss call germani provid inform requir demonstr state aid give explan plan aid decis import notif final commiss note public bank account fund restructur plan notif explain size creditor bank contribut determin quot risk quot clarif commiss assess contribut public bank light market economi investor principl lack precis interpret quot risk quot rule possibl particip public bank clash principl constitut addit state aid examin reason commiss view notifi measur constitut state aid doubt compat common market iii comment germani germani confirm guarante subordin loan kfw grant feder govern decis decemb guarante lai condit oblig provid notif guarante issu loan contract conclud contract payment subordin loan subject commiss approv aid restor compani viabil germani submit detail restructur plan drawn consult firm present consortium bank februari plan includ assess competit german construct market analysi reason compani problem analysi potenti risk link unfinish construct site submit germani gave detail defici led compani problem inform develop germani respons loss gener aim achiev growth quot market trend quot turnov quot bought quot riski develop compani initi larg scale project case assum oper risk complet construct stage kölnarena econom problem german construct sector due continu oversuppli construct servic länder ineffici cost manag ineffici organis structur ineffici structur sharehold subsidiari includ germani oper restructur measur includ reduct region divis offic workforc cost cut improv manag cost control streamlin portfolio approxim affili compani exist end reduc merger sale closur subsidiari plan evalu possibl divest merg plan expedit wind foreign subsidiari philipp holzmann iberica spain nord franc sa futur focu princip region germani unit state america major restructur measur set plan present concern germani german workforc cut job lost closur region divis offic rationalis measur whilst job disappear result divest subsidiari plan complet rationalis measur exact schedul divest subsidiari germani subsidiari imbau deutsch asphalt hsg scheu und wirth hsg provid inform submit earli show adjust origin plan detail plan februari set structur ph ag main offic region offic impli region offic close modifi plan closur head offic modifi structur compris main offic region offic plan rationalis measur closur result dismiss employe employe left compani reason replac employe employe due leav ow addit closur region offic employe affect divest carri germani approxim job cut subsidiari closur subsidiari result loss job detail decis plan divest subsidiari includ instanc deutsch asphalt divest result loss job group restructur measur affect affect employe significantli origin plan divest plan carri germani account turnov volum approxim eur million countri measur plan subsidiari franc spain subsidiari austria netherland divest closur divest correspond total turnov eur million affect employe gener term group activ germani focu core busi facil manag futur core busi concentr larger scale construct project german subsidiari activ area divest downsiz holzmann withdraw riski busi develop project kölnarena request commiss provid data estim turnov trend segment categoris size core busi gt tabl gt foreseen divest clarifi march plan provid sale deutsch asphalt divest share möbiu lavi close plan cut scheu und wirth franki recit measur set restructur plan includ employe contribut increas work hour estim eur million contribut pension insur associ pensionssicherungsverein eur million annual increas effici combin cost save measur materi subcontractor estim eur million oper liquid increas divest debt reduct amount approxim eur million letter februari germani submit overview restructur cost financi overview restructur cost includ balanc sheet measur avoid insolv estim gt tabl gt financi resourc provid cover cost gt tabl gt quot asset deal quot total book eur million estim market eur million provid sale project bank origin financ project quot special purpos vehicl quot spv relat project financ bank total estim market eur million provid sale asset spv compani consolid group plan divest taunusanlag build main aim sale reimburs consortium credit line lead reduct balanc sheet asset side debt gener addit cash liquid reserv consortia credit line eur million reimburs novemb latest disagr valuat immov properti asset organis problem made imposs meet schedul recit seq busi plan year includ output liquid plan profit loss account basi requir scenario case intermedi quot real quot case worst case submit risk analysi focuss liquid reserv assumpt born mind origin restructur plan base case scenario plan subsequ adjust line actual trend main differ case worst case scenario deviat oper annual result differ liquid reserv calcul eur million eur million liquid need worst case scenario ow delai import measur divest real estat properti debt reduct result restructur measur subsidiari divest auditor report submit inform measur termin contract commit involv futur risk uncov hidden liabil avoid undu distort competit letter march germani suppli inform develop construct sector holzmann european construct sector output approxim eur billion earn germani fundament problem found restructur measur relat germani inform provid market inform strong evid geograph speak construct market extend nation border inform provid demand declin german construct sector main reason develop enorm increas output länder satisfi grow demand unif market characteris declin demand ow oversuppli construct servic forecast german construct sector year germani growth detail restructur plan februari includ market studi analysi forecast long term stagnat sector data submit year show estim averag growth invest growth estim real term data german construct industri sector suffer overcapac germani note contrast manufactur capac construct sector consist product line factori hall exclus employe lesser extent mobil equip machin leas capac utilis measur output employe estim submit show output employe länder roughli peak year whilst roughli year länder germani identifi relev segment core busi signific light holzmann futur strategi larg scale project medium size project small project recit appear difficult germani submit data estim market volum holzmann posit segment effect restructur compani market presenc germani reckon holzmann drop place construct sector year hochtief walther group true core busi holzmann fourth largest supplier sector germani submit rough estim market share share construct sector core busi estim roughli market share segment assess small project medium size project larg scale project plan reduc turnov core busi small project turnov reduc turnov medium size project cut period turnov larg scale project estim grown remain fallen slightli germani explain detail impact divest construct area holzmann withdraw road construct asphalt product recent plan divest deutsch asphalt sector lead compani workforc turnov approxim eur million lavi steel construct busi turnov eur million close share möbiu civil engin firm turnov eur million divest scheu und wirth activ field heat ventil air condit current turnov eur million significantli reduc cut back integr hsg facil manag south german branch franki activ field special structur engin close addit small nich market drop includ geophys specialis engin servic member state holzmann withdrawn complet franc nord franc turnov eur million spain ph iberica turnov eur million austrian subsidiari held amp franck turnov eur million divest dutch compani hillen amp roosen turnov eur million quantit analysi provid germani social econom consequ disappear firm comparison stem implement restructur plan reveal restructur led redund group subcontractor comparison insolv procedur riski subcontractor inform provid third holzmann turnov earn subcontractor data provid germani bankruptci proceed affect subcontractor hit job explain insolv proceed enabl unspecifi number job holzmann maintain temporarili establish independ compani event termin compani job holzmann lost partner compani subcontractor suffer consider econom loss construct project halt aid limit minimum inform aid explan negoti creditor bank initi fail provid proceed detail meet repres german author major creditor bank februari march inform core creditor bank agre principl restructur plan individu contribut financ restructur result deadlock ph ag file insolv novemb main reason disagr deutsch bank largest sharehold interest bank creditor bank agre particip capit increas deutsch bank final increas contribut significantli financi gap close inevit ph ag file insolv germani main reason gap addit risk eur million includ downtim cost aris danger insolv grew dai gap close feder govern promis grant aid question make withdraw insolv petit novemb detail inform provid light particip public bank consortium main creditor bank concept quot risk quot inform public bank repres consortium creditor total contribut repres approxim capit increas consortium credit individu share bank public privat calcul basi share outstand claim deutsch bank largest sharehold provid larger share germani submit document list outstand debt claim calcul contribut made basi iv comment interest parti public commiss decis initi proceed competitor submit opinion aid gave holzmann blame difficulti charg dump price competit advantag compani benefit state aid aid enabl holzmann maintain dump price polici holzmann workforc reduc return aid divest subsidiari whilst work hour remain subsidiari increas cancel impact job cut final particip public bank consortium creditor regard addit covert aid germani reaction comment interest parti germani respond observ state aid employe contribut temporari give compani competit advantag affect price polici holzmann assur aid competit purpos plan withdraw mass market busi cut output reduc workforc public privat bank holzmann creditor core bank support restructur measur proport quot risk quot share regard state aid vi credit line provid consortium bank kfw consortium credit reimburs novemb summer clear imposs compli aspect plan main reason plan divest immov properti carri plan schedul time ow lack agreement holzmann bank asset asset deal packag significantli downscal holzmann sell project directli take longer plan divest asset question addit structur spv alter project withdrawn ad implement delai sale taunu equip taunusanlag delai addit difficulti sell asset plan notifi aid paid commiss investig progress reimburs consortium credit line eur billion dem billion quot consortium credit quot held provis made addit credit line eur million dem million grant kfw commiss learn plan august request inform dai repli septemb germani provid inform interest rate plan loan percentag point euribor commiss year main condit senior principl loan credit line exhaust prior reimburs prolong consortium credit basic amount eur million dem million mention precondit grant loan unclear measur enter effect exact relationship consortium credit line kfw credit line reimburs commiss request inform septemb novemb germani repli request recit addit talk held octob commiss repres german author kfw holzmann advis credit contract submit januari final repli arriv januari inform submit financi restructur measur effect decemb term reimburs consortium credit extend reimburs monei eur million schedul januari consortium bank grant consortium credit line quot consortium credit ii quot eur million dem million novemb interest rate percentag point euribor commiss kfw grant credit line eur million dem million kfw ii novemb interest rate commiss consortium credit ii addit exist credit line extend novemb provid includ convert profit particip right wandelgenussrecht credit consortium credit ii kfw ii directli link kfw ii drawn credit line exhaust senior principl reimburs carri ongo divest asset asset deal market proport consortium credit ii consortium credit ii eur million dem million kfw loan reimburs prioriti loan amount consortium credit ii reduc repay sum eur million reduc eur million march eur million june reduct enter forc automat achiev earlier stage reimburs result sale kfw ii reduc proportion except circumst normal circumst full kfw ii line drawn octob final reimburs novemb interpret germani kfw ii constitut aid feder govern state credit framework condit conform market interest rate consortium credit ii provid creditor bank risk smaller kfw ow senior principl germani submit letter abn amro bank holzmann abn amro state interest rate percentag point euribor rate compani respect secur credit conform market state kfw ii unlik subordin loan grant interest feder republ germani zuweisungsgeschäft provid quot commerci arm quot kfw letter germani januari state purpos kfw ii financ quot normal busi activ quot notifi aid guarante loan instanc intend financ compani difficulti restructur phase preambl contract kfw ii consortium credit ii submit januari refer restructur holzmann state restructur plan consortium credit line made larg put practic updat light recent develop updat restructur plan submit bank credit line serv cover liquid link schedul implement restructur measur vii assess aid measur aid measur design improv ph ag financi posit compani subsidiari largest supplier construct servic germani achiev commun wide output roughli eur billion figur group philipp holzmann group signific activ member state netherland austria spain franc restructur group eu busi germani austria measur question affect competitor germani member state distort threaten distort competit advers impact trade member state subordin loan kfw guarante provid feder govern kfw state own bank grant subordin loan quot interest feder republ germani quot feder guarante provid govern measur consid quot aid grant member state state resourc quot mean articl ec treati germani disput assess opinion initi proceed accord articl ec treati commiss confirm view express initi articl procedur credit line grant kfw commiss view contrari germani opinion credit line grant kfw effect decemb quot kfw ii quot connect credit line made bank quot consortium credit ii quot constitut state aid firstli germani explan kfw ii unlik subordin loan grant interest feder republ germani zuweisungsgeschäft provid kfw quot commerci arm quot convinc germani present evid kfw ii provid commerci arm kfw kfw made separ part germani argument condit govern kfw ii usual market convinc view circumst holzmann financi situat autumn credit line negoti final grant true kfw ii interest rate commiss consortium credit ii grant creditor bank similar respect condit govern reimburs proport reimburs line amount eur million consortium credit ii prioriti reimburs kfw case reduct kfw credit line reimburs similar condit prove kfw state own conduct busi privat investor act accord market principl decis factor econom context kfw grant credit line emerg autumn immov properti sold time frame envisag consortium credit reimburs novemb creditor bank grant extens deadlin reimburs consortium credit line consortium credit ii interest event renew insolv risk outstand claim high financi support holzmann altern term ration econom behaviour kfw hand compani creditor time risk lose claim provid secur secur tangibl intang asset guarante credit line circumst correspond behaviour market investor commiss awar independ bank bank belong consortium creditor bank offer holzmann loan includ abn amro germani explan purpos kfw ii financ quot normal busi quot holzmann restructur convinc contract govern kfw ii consortium credit ii clear refer holzmann continu restructur adjust thereto preambl condit credit directli link reimburs durat recit holzmann cash financ restructur cost directli surviv market restructur phase characterist construct industri construct project pre financ consider extent commiss inform liquid reserv output need consortium credit ii kfw ii serv purpos liquid origin plan end main reason delai sale asset avail aid measur initi plan kfw ii consid aid grant member state state resourc mean articl ec treati kfw state own financi institut proof provid commerci arm exist independ state interest kfw made credit line holzmann difficult financi posit risk loss claim requir secur form materi materi asset case loan effect grant provis laid preambl credit contract condit govern avail kfw ii link implement restructur plan kfw ii constitut aid measur modifi notifi restructur plan compat take account right interest parti chang question substanti relat restructur plan assess notifi aid subject procedur articl ec treati commiss note germani provid inform evalu addit aid measur risk make state loan grant compani difficulti sum question lost firm bankrupt ph ag econom situat lead commiss conclud total loan guarante consid aid eur million notifi measur respect payment made eur million kfw ii reimburs novemb compat aid measur common market aid measur question grant authoris aid scheme commiss assess compat common market directli accord articl ec treati articl stipul save provid ec treati aid grant member state state resourc distort threaten distort competit favour undertak product good advers affect trade member state incompat common market articl ec treati exempt principl state aid incompat common market exempt articl ec treati provid basi argu aid compat singl market aid measur examin social charact grant individu consum make good damag caus natur disast except occurr grant economi area feder republ germani affect divis germani exempt applic present case except provid articl ec treati aid question intend promot execut import project common european interest remedi disturb economi member state intend promot cultur heritag conserv displai featur project commiss assess aid measur basi exempt laid articl ec treati commiss assess aid facilit develop econom activ aid advers affect trade condit extent contrari common interest govern specif commun guidelin commiss consid guidelin applic present case commun guidelin state aid rescu restructur firm difficulti take view aid measur fund restructur compani regard restructur aid guidelin state restructur aid grant run counter commun interest guidelin restructur set condit authoris aid commiss examin elig compani commiss view suffici proof ph ag qualifi compani difficulti point guidelin recit compani file insolv novemb excess loss insolv petit withdrawn novemb feder govern declar intent grant subordin loan state back guarante compani difficulti defin point guidelin state own kfw provid credit line decemb time compani implement schedul restructur plan ow delai affect measur asset deal divest unavail notifi aid holzmann unabl reimburs consortium credit good time need addit liquid holzmann restructur fund resourc divest asset subsidiari signific reduct workforc region offic sharehold creditor suffici demonstr remain amount cover aid question cover sharehold creditor recit restor compani viabil point guidelin grant aid made condit implement restructur plan case individu aid approv commiss assess determin mean restor compani long term viabil commiss base assess inform submit germani detail plan individu restructur measur project profit loss account year scenario risk analys analysi structur defici caus problem cost plan restructur measur recit seq conclus commiss drew analysi confirm expert opinion drawn independ consult firm commiss base assess inform germani provid ongo implement restructur plan adjust measur includ time divest requir grant addit credit line consortium credit ii kfw ii decemb commiss view detail restructur plan agre creditor bank februari propos measur mean restor long term viabil signific measur relat germani divest subsidiari member state recit result assess restructur plan focus germani take account main reason holzmann failur past recit kei measur radic reduct workforc coupl reduct output withdraw riski field project develop manag withdraw scale area belong core busi intern monitor mechan leaner structur intern organis sharehold sound restor profit avoid past mistak oper improv result intern measur includ abandon loss make activ measur feasibl implement financi measur firstli avoid excess debt ground insolv end fund holzmann restructur assumpt origin plan optimist outset develop foreseen firstli schedul sale immov properti asset deal spv unrealist outset structur agreement inevit disput price bank intermedi buyer creditor oper profit margin calcul busi plan appear optimist poor prospect develop german construct sector origin restructur plan predict invest german construct sector grow roughli actual declin foreseen plan drawn assumpt growth forecast extern studi cautiou approach predict oper profit optimist origin plan actual econom trend sector imposs achiev level profit turn neg impact subsidiari bad state subsidiari hig kemmer franki lavi divest origin plan restructur close lavi caus cost anticip thirdli measur carri plan cost cutback faster debt reduct bound longer plan born mind actual loss eur million higher calcul origin restructur plan drawn final notifi aid commiss complet investig view develop failur sell plan asset imposs reimburs consortium credit novemb envisag gener cash materialis foreseen reason aid substanti made plan extens consortium credit reimburs provis credit line includ kfw ii recit direct market signific proport project origin includ asset deal restructur spv view divest project result econom trend sector region offic close lead addit job loss plan divest close downsiz subsidiari couch definit term includ signific divest envisag origin plan recit basi detail inform submit examin articl procedur commiss account assess conclud base realist assumpt account actual develop extent commiss awar plan measur implement foreseen compani make effort carri outstand measur divest asset subsidiari holzmann plan reduct turnov german core busi approxim essenti restor profit base step step withdraw unprofit activ mass market busi commiss awar holzmann group achiev slightli posit result origin plan balanc result goal ambiti optimist assumpt made bear mind neg trend german construct industri achiev main divis affect trend close econom trend abovement delai introduc measur higher cost restructur subsidiari caus oper loss estim eur million group germani caus cash drain basi estim commiss believ compani limit liquid reserv commiss inform liquid suffici provid econom situat construct industri advers affect oper result remain restructur measur sale asset divest subsidiari implement quickli notifi aid measur connect commiss note develop decis assess basi criteria set guidelin commiss conclud restructur measur implement plan constitut sound consist principl mean enabl holzmann restor long term viabil provid compani deal quickli divest reduct ensur short term surviv avoid undu distort competit principl accord point guidelin distort competit offset benefit flow firm surviv net effect redund result firm busi combin effect supplier demonstr exacerb local region nation employ problem case adequ compensatori measur favour competitor compar analysi submit germani procedur estim restructur measur led direct job loss holzmann subsidiari roughli subcontractor insolv procedur direct job loss holzmann short term similar scale addit job lost result subsequ insolv procedur affect subcontractor commiss view compar scenario realist holzmann quot disappear quot complet potenti job loss origin present estim high number job lost subcontractor event insolv appear exagger instanc subcontractor transact small proport busi holzmann includ calcul risk bankruptci low probabl argument subcontractor suffer holzmann undergon insolv procedur result current restructur convinc firstli third holzmann output produc subcontractor construct project pre financ signific extent smaller firm extens liquid reserv major compani undergo insolv procedur easili trigger domino effect commiss agre feder govern firm surviv econom social advantag point guidelin measur mitig advers effect aid competitor gener limit reduc compani presenc relev market presenc proportion distort effect aid rel import compani market amount notifi aid eur million low comparison financi packag need restor viabil compani total eur billion proport chang significantli kfw ii aid measur eur million grant decemb year recit account comparison financi measur need restor viabil compani amount aid result distort competit modest comparison measur reduc compani market presenc signific commiss judgment suffici mitig advers effect competitor inform provid holzmann group largest player german construct market germani estim compani largest player total turnov approxim eur billion holzmann posit core busi defin germani estim possibl fourth turnov eur billion estim turnov eur billion bear mind total turnov construct sector eur billion core construct busi estim eur billion compani share sector li relev segment core busi holzmann market share estim small project medium size project larg project closur region offic reduct workforc estim turnov core busi reduc region offic close propos origin plan holzmann reduc consider presenc small project cut turnov medium size project reduct turnov plan increas presenc larg scale project holzmann view core area expertis increas turnov remain stabl essenti restor viabil holzmann withdraw complet road build asphalt product sell deutsch asphalt employe turnov eur million lead firm sector addit steel construct busi close share möbiu civil engin firm divest recit heat ventil air condit busi radic downsiz franki specialis civil engin busi southern germani addit small nich area abandon divest closur reduct exce origin plan holzmann simultan effort increas product measur consider reduc market presenc dispel concern express parti recit regard suppli exce demand german construct sector main reason persist downward trend länder situat structur overcapac refer point guidelin implicitli refer manufactur servic capac principl adapt readili market condit commiss agre germani view product capac construct compani consist employe lesser extent equip crane excav gener leas type capac mobil redeploi invest cost irrevers reduct capac render perman incap achiev previou rate output imposs case question capac reduc accord point ii guidelin swing job cut compani divest asset subsidiari vast major measur affect germani past problem origin line gener aim streamlin compani structur portfolio subsidiari signific divest subsidiari austria netherland spain plan holzmann withdraw complet franc spain commiss view reduct divest suffici compens distort competit caus aid measur question context account fact reduct ph ag divest cut closur subsidiari plan origin intend aid limit minimum commiss view germani satisfactorili demonstr amount aid limit strict minimum need enabl restructur undertaken take account compani exist resourc group belong sharehold compani suppli excess liquid make improp expand capac amount notifi aid eur million small comparison contribut made consortium bank financi packag account privat bank recit credit line grant decemb kfw ii aid measur eur million account total includ consortium credit ii eur million aid measur amount financi packag born mind financi measur appli length time take account time aid measur account total financi resourc germani demonstr amount notifi aid minimum cover addit risk eur million emerg negoti novemb includ downtim cost caus increas risk insolv petit holzmann financi situat risk aid provid compani surplu cash enabl beneficiari pursu aggress strategi market expand capac misus fund incompat beneficiari aim restor profit initi procedur commiss bear mind previou rescu restructur discuss bank fail requir germani provid detail explan plan state initi proven decis inform provid germani explan creditor bank commiss conclud previou failur negoti caus bank doubt restructur plan differ opinion contribut financi packag share individu creditor capit increas problem solv remain financi shortfal includ addit risk mention cover commiss view suffici proven notifi aid measur order restructur plan adopt adequ fund implement agre form main reason grant kfw ii aid consortium credit ii asset deal spv implement plan notifi aid unavail take account beneficiari liquid situat modif place aid measur limit minimum kfw ii credit line octob credit framework exhaust latest date reimburs novemb aid measur question overlap short time possibl holzmann receiv excess liquid final initi procedur commiss exclud particip public bank line market investor principl constitut addit state aid compani explan quot risk quot determin individu contribut creditor bank inform submit germani recit show combin contribut public creditor bank rang capit increas consortium credit total figur case consortium credit ii basi inform submit includ detail outstand credit commiss conclud individu contribut graduat basi quot risk quot calcul privat public bank basi outstand credit contribut capit increas proportion lower deutsch bank main sharehold larger share particip public bank consortium credit bank consist market economi investor principl constitut aid viii conclus commiss find measur constitut state aid mean articl ec treati conclud aid measur fulfil condit laid commun guidelin state aid rescu restructur firm difficulti compat common market mean articl ec treati authoris adopt decis articl state aid restructur philipp holzmann ag compris measur list compat common market mean articl ec treati dem million eur million subordin loan state own kreditanstalt für wiederaufbau initi term run june extend month dem million eur million feder guarante maximum term year dem million eur million credit line grant state own kreditanstalt für wiederaufbau novemb articl decis address feder republ germani brussel commiss mario monti member commiss oj oj footnot part core busi holzmann definit european commun wide figur competitor construct activ turnov holzmann claim lower rank european commun wide construct activ turnov judgment join case spain commiss ecr oj letter germani februari march letter germani april letter germani april indic base analys field merger control germani refer decis feder cartel offic merger plan holzmann hochtief wirtschaft und wettbewerb merger case bank austria creditanstalt oj point estim includ risk probabl categori subcontractor depend turnov holzmann absolut figur proport recent inform submit march consortium credit final reimburs march ow delai sale asset commiss commun member state oj point commiss notic applic articl ec treati state aid form guarante oj cf point footnot statist result doubt declin invest estim weekli report german busi institut diw tabl invest fell estim diw weekli report tabl holzmann announc march group estim deficit roughli eur million caus continu recess german construct industri delai sale asset unexpect cost aris restructur german subsidiari commiss base assess busi plan monthli report drawn creditor bank data includ document deriv sourc group treat caution resourc commiss consult proper audit carri audit annual figur real oper result depend level creat reserv account method market share underestim larg scale project ow broad definit core busi data estim earlier submiss germani refer decis feder cartel offic footnot holzmann market share larg scale project segment earli estim significantli higher declar take calcul basi share drop context note feder cartel offic includ small number supplier calcul market share reason annul decis court appeal kammergericht kart wirtschaft und wettbewerb