commiss decis septemb agreement dutch state volvo car corpor mitsubishi motor corpor futur ownership plan financi arrang netherland car bv volvo car bv dutch text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement establish european econom area subparagraph articl thereof parti concern opportun submit comment accord abovement articl letter octob netherland notifi commiss pursuant articl treati complianc term commiss decis march close procedur articl volvo car bv vcbv agreement dutch state volvo car corpor vcc mitsubishi motor corpor mmc futur vcbv dutch compani own dutch state vcc produc volvo seri notif term phase sale dutch state hold vcbv mmc vcc propos particip sharehold financi arrang subject examin decis march notif claim term agreement entail state aid march commiss close articl procedur open juli respect dutch govern propos revis execut financi arrang support vcbv modif made origin notif commiss satisfi propos measur state aid seri agreement notifi commiss cover wide complex rang provis futur ownership manag develop vcbv includ plan fund invest car seri arrang manag compani purchas car equal share industri parti vcc mmc separ financi liabil sharehold exist futur busi compani notif netherland maintain agreement entail state aid emphas complex negoti dutch state phase withdraw compani regard individu element agreement part global outcom isol desir dutch state dispos hold minim exposur futur commerci risk commiss appreci complex case account individu provis agreement emerg negoti assess perspect articl ec treati perspect particip dutch state agreement compat behaviour privat investor oper normal market condit presumpt state aid appli commiss consid aspect agreement suggest exist state aid ii februari commiss decid initi articl procedur respect state aid element arrang dutch state vcc mmc letter date march commiss inform dutch govern decis request submit comment month date letter comment open procedur receiv parti industri parti directli concern procedur open procedur commiss detail natur detail agreement doubt compat notifi agreement articl commiss agreement contain provis prima faci constitut state aid mean articl extent decis end volvo seri earlier anticip time commiss decis march expens larg exclus dutch state evid state receiv compens loss price term mitsubishi acquir hold vcbv appear unduli gener difficult justifi propos dutch state lend fl million interest free compani develop car seri perspect ration privat investor commiss concern provis agreement perspect articl system alloc cost volvo seri busi project busi accept principl give rise unfair load cost busi expens effect dutch state propos transfer price system volvo seri car charg vcc entail state aid iii open procedur netherland submit comment commiss letter letter date letter date vcc mmc netherland car bv nedcar vcbv submit comment regard open procedur letter date juli commiss request supplementari inform netherland detail questionnair commiss ask netherland remark comment compani concern repli request receiv letter decemb commiss addit questionnair netherland letter march order make final analysi state aid element involv netherland answer addit question letter june letter octob netherland inform commiss intent grant guarante loan nedcar argu loan temporari liquid problem nedcar guarante dutch state function normal sharehold proport sharehold commiss guarante state aid correspond seri meet held octob februari march april discuss issu rais open procedur inform provid netherland complement written inform netherland compani concern date novemb march april iv repli open procedur parti insist view agreement regard question state aid involv price paid share consider account includ technolog transfer mmc lead loss reduct volvo seri share fix cost project volvo seri reduct cost improv market effici transfer task vcc commiss view agreement compar previou arrang expens dutch state netherland maintain option benefici agreement question option contain dutch govern view liquid vcbv continu concern develop model phase termin stop product end volvo seri develop model sale share vcc privat vcbv stock market imposs consent vcc vcbv privat limit compani consent forthcom altern produc interest bui vcbv found vcbv effort effect liquid scenario parti outcom present arrang vcc explicitli state vcbv liquid industri parti maintain seek aid option benefici dutch state chosen benefit accru vcc mmc result solut found individu element agreement state aid commiss dutch state nedcar vcc insist prematur termin volvo seri constitut fact gain dutch state vcc increas model ag sale prospect drop loss increas increas loss view offset addit payment fund prematur termin project connect argument vcc claim shortfal sale due prematur termin car commiss estim due bad market condit industri parti argu project spread overhead born plant increas profit volvo seri reduc loss fall dutch state parti insist consider paid mmc share fair addit share price mmc agre provid addit input form train manag techniqu improv volvo seri profit forecast probabl higher return dutch state recent meet inform transmit write effect effort demonstr addit mmc agre loss limit dutch state concess dutch state provid tradit assur compani warranti guarante vcc mmc pai make nedcar resourc mmc consid paid acquisit share earli effect grant interest free loan nedcar enabl dutch state exit nedcar acquir share contrari origin intent limit car origin intend bui share compani contain asset project negoti vcc line fail actual ventur larger expens riski mmc intend uniqu opportun enter commun market cooper establish manufactur mmc leap arrang interest free loan parti advantag dutch state compar previou arrang assert base fact monei royalti payment fund revolv loan decis allow unlimit revolut fund interest free revolut fund industri parti legitim expect revolut repay fund dutch state view occur earlier higher present gave chanc obtain surplu loan dutch state higher certainti repay instal independ sale car guarante payment nedcar block account year advanc certainti exist industri parti parti insist dutch state contribut project lower vcc mmc bear cost overrun estim fl million fix exit price dutch state spite signific invest nedcar undertaken interim parti claim normal method reduc incent option holder vcc mmc minim compani specif request dutch state escap risk lower futur receipt due launch loss learn curv effect concern determin sale price vcc mmc claim vcbv neg book parti lai effici gain obtain restructur compani inject technolog asset obtain gain made particip mmc vcc sought close born plant buyer vcc mmc pai gain made effort asset estim compani significantli lower price agre fl million vcc million mmc fact dutch state bought vcbv share dutch hold compani dsm significantli lower price obtain vcc mmc cite proof valuat compani high low buyer acquir interest concern attach goodwil asset regard valuat kpmg undertaken concern basi irrelev critic base unrealist sale expect take account liquid cost cost develop successor model includ risk factor cost alloc system parti state system discriminatori adopt requir consent particip nedcar alloc parti transfer price parti submit discrimin prevent fact sharehold option return system system guarante net profit vcc refer gross profit level produc loss compani fix cost guarante nedcar vcc case lower sale volvo car incent vcc increas sale reduc cost letter netherland emphas view element transact clear dutch state achiev outcom open procedur commiss accept provis sharehold agreement longer element agreement answer viewpoint netherland industri parti express previou paragraph sought establish expect return sale equal real compani sale state aid netherland solicit bid vcbv negoti exclus vcc mmc commiss line constant practic consid dispos independ valuat compani serv refer basi compar expect return present deal dutch author industri parti kpmg valuat reliabl basi comparison independ asset base studi undertaken commiss request firm auditor marshal steven arriv quot fair market continu fl million result figur fl million share dutch state present arrang lead lower incom dutch state dutch state dispos hold nedcar open bid argument put forward earlier dutch author purchas forward vcc share compani convinc bmw major sharehold rover group honda stake compani commiss assess result asset valuat good proxi compani moment sale valu current long term liabil provis estim cancel valu receiv liquid asset inventori financi asset commiss consid amount fl million floor incom dutch state draw sale nedcar satisfi state aid involv sale arrang dutch author accept approach commiss commiss agre argument weak competit posit vcbv left insuffici fund develop model sharehold inject fund appli facelift volvo seri work remain realist altern put forward dutch author termin product plant develop model inject fund industri parti netherland argu case sale product fallen rapidli led closur compani revenu fallen level need cover pocket expens question product plant halt immedi revenu fall point year argument accept calcul dutch state obtain fund situat assum sale fund held fl million nomin term fl million present term result close incom asset valuat order assess effect present arrang dutch state revenu commiss calcul return dutch state present term basi inform establish altern realist scenario assum optimist pessimist market develop volvo sale vari higher lower degre ration cost reduct intervent mmc effect develop nedcar gt loss financ requir develop loan model account project incom spare part sale volvo seri optimist pessimist scenario yield incom dutch sate present term fl million million result expect dutch state present agreement fl million compar estim return establish compani altern path dutch author commiss satisfi arrang sale nedcar vcc mmc state aid element ensur return dutch state reduc element complex agreement nedcar privat commiss concern aspect articl sharehold agreement provis allow dutch state sell remain share half price industri parti parti step nedcar bankruptci voluntari sale date netherland argu addit option attempt sell remain share bankrupt parti disrupt nedcar parti remain run nedcar unprofit capac desir synergi effect commiss consid argument valid case bankruptci parti convinc case voluntari buyout partner show willing oper plant full capac concern half price sale constitut state aid remain industri parti investig scenario aris netherland undertaken notifi commiss wish make provis sharehold agreement separ agreement parti establish minimum return fl million nomin term dutch state transact loss exposur limit articl sharehold agreement stipul limit danger exceed parti decid continu product volvo seri provis appli worst case scenario partner circumst decid prevent loss closur plant provis lead addit exposur dutch state side lower return regard state aid commiss acknowledg case pessimist scenario problem aris investig aid parti invok provis netherland undertaken notifi commiss intent invok provis sharehold agreement product volvo seri continu born plant prepar product model includ invest car project requir substanti invest machineri practic reason volvo seri potenti distort inadequ depreci rule invest larg depreci machineri instal exclus project eventu employ partli charg product line loss volvo seri dutch state loss coverag oblig increas element indirect subsid project commiss analys cost alloc rule product plant final cost alloc rule agre manageri engin depart commiss satisfi rule state aid element netherland notifi commiss alloc rule agre ask commiss rule adequ outlin commiss view ad letter dutch govern appendix issu analys separ transfer price system adequaci share price paid mmc commiss convinc inform provid netherland industri parti state aid share price paid mmc adequ compani provid payment kind form technic support nedcar improv product cost volvo evid support posit effect cost structur nedcar provid vi conclus commiss note agreement dutch state vcc mmc futur nedcar execut element state aid note specif provis agreement lead grant state aid futur netherland undertaken notifi commiss aid case investig posit compat articl treati articl eea agreement immedi notifi netherland rule govern alloc cost product plant volvo seri project form opinion provis state aid adopt decis articl agreement dutch state vcc mmc futur ownership plan financi arrang netherland car bv element state aid condit provis articl respect articl netherland notifi commiss wish make provis sharehold agreement provis articl allow dutch state sell remain share half price industri parti parti withdrawn netherland car bv bankruptci voluntari sale reason date decis sharehold basi articl continu product volvo seri circumst loss compens limit dutch state danger exceed netherland notifi commiss cost alloc rule volvo seri project product plant agreement sharehold articl netherland inform commiss month notif decis measur compli herewith articl decis address kingdom netherland brussel septemb commiss karel van miert member commiss oj oj oj oj