commiss decis octob grant state aid franc bull group form notifi capit increas nn french text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement establish european econom area articl thereof protocol thereto notic accord articl treati interest parti submit comment regard comment group bull bull manufactur diversifi comput product head offic base franc addit manufactur oper bull softwar mainten servic client present major bull share capit held directli indirectli franc télécom french state minor particip group share capit own privat sector repres nec ibm commiss recent decis bull final decis pursuant articl treati consid capit inject amount ff billion aid aid compat common market decis assess aid ff billion grant research develop found similarli compat note decis subject appeal concern capit inject court justic european commun subsequ decis connect present programm recapit commiss initi articl procedur connect advanc futur capit inject amount ff billion januari procedur extend includ capit increas amount ff billion ff billion paid decemb ii bull remain larger tradit broad base comput compani manufactur proprietari system involv open system distribut micro comput rank number world datam survei publish june equal affect fall turnov poor result major tradit broad base manufactur industri advers financi commerci posit compani reflect fact comput sector phase acceler technic commerci develop necessit restructur price fall dramat consumpt product slow market fragment segment downsiz standard product intensifi competit reduc margin major tradit manufactur suffer loss shift activ manufactur softwar servic area displai high growth rate note extens place realm inform technolog recent year compani invest larg sum design product due effect sector trend partli explain technolog progress demis border telecommun electron data process edp applic inter activ video game teleshop symbol emerg multi media world base wide rang technolog comput sold consum product product larg compani access smaller industri user importantli larg market privat consum develop inform technolog converg edp move standard product result mass produc standard system ad hardwar produc decreas due strong pressur compon supplier ad li increasingli softwar servic react eros core busi manufactur cut cost diversifi compani solut work iii press report februari relat advanc futur capit inject amount ff billion bull commiss address request inform french author request seri letter french author commiss result commiss establish restructur plan adopt bull major sharehold base invest form advanc futur capit inject commiss conclud illeg aid present transact ground absenc final approv restructur plan found compat treati commiss decid initi articl procedur octob decis forward french author letter date novemb publish offici journal european commun subsequ letter date decemb french author inform commiss french state franc télécom decid invest addit advanc ff billion ff billion bull state part amount paid immedi bull infring procedur requir articl measur classifi illeg januari commiss adopt decis bull decis extend articl procedur respect capit increas ff billion decis forward french author letter date februari publish offici journal european commun decis order french author refrain grant aid bull specif ff billion believ outstand payment amount ff billion decis french author letter date februari publish offici journal european commun decis ec french author respond decis letter date februari confirm proce payment commiss reach decis thereon letter date march french author respond question rais commiss open extens articl procedur submit addit final restructur plan commiss rais seri question document french author repli june meet held juli commiss french author bull issu question rais answer commiss question receiv august juli commiss appoint independ consult assess bull restructur plan work carri august septemb final report issu mid septemb report submit french author letter date septemb confirm comment make report septemb iv framework articl procedur comment submit uk govern open extens procedur comment submit french author letter date march respons date march receiv letter date march repli respect letter principl uk govern support commiss posit consid aid fund acquisit grant compani oper market overcapac french author respond state share uk govern analysi capit inject market specif bull acquisit packard bell part strategi improv micro comput busi articl ec treati articl eea agreement state aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state contract parti incompat common market agreement addit assess capit inject constitut aid assess state action accord market economi investor order improv transpar assist ascertain behaviour state akin market economi investor approach adopt court justic number occas commiss adopt commun date septemb public author hold compani capit cover public undertak manufactur sector guidanc requir consider gener term enterpris financi posit sound particip privat sharehold take place proport sharehold sharehold econom signific structur volum compani debt normal return dividend capit gain reason time inject capit enterpris rais similar fund capit market enterpris cash flow present expect futur cash flow intend project exce outlai ascertain capit inject includ aid element order make assess outset determin date decis made undertak invest advanc futur capit inject ff billion paid bull februari decis invest ff billion french author decemb bull financi posit point time assess market economi investor made decis french state end latest point histor financi inform decis invest bull experienc year fall sale consolid turnov reduc ff billion ff billion fall oper loss revenu cost net financi charg incur year similarli bull net result restructur provis neg period group earn net profit note bull paid dividend acquisit state level loss suppos increas compani share place bull cash flow gener oper suffici meet invest period period bull resort capit inject meet financ requir reduc high level borrow reach whilst commiss bull capit inject recal major capit inject state consid state aid comparison ibm profit incur net loss ibm gener cash surplu oper suffici cover invest resort borrow purpos similarli dec profit loss make gener suffici cash surplu oper cover invest rais financ purpos bull debt end allow capit inject whilst lower previou year amount ff billion time sharehold fund share capit retain result similarli bull financi charg turnov cover oper profit show group fail earn suffici profit cover interest cost borrow situat subsequ decis invest ff billion french author bull result month june good indic result year decemb half year result june show fall sale compar half oper loss higher month incur net loss higher previou period addit interest charg cover oper profit due loss incur debt advanc capit inject significantli reduc continu level loss similarli bull financi statement year end decemb appar sale fallen level oper loss incur higher financi charg cover oper profit due loss whilst indebted reduc ff billion made capit inject paid amount ff billion recent financi perform bull fall sale oper loss high level indebted believ financi posit sound date invest decis structur volum bull debt believ take due account histor futur perform adequ return expect date invest inject capit reason time final consid bull basi cash flow rais similar amount fund capit market commun septemb public author hold compani capit state state aid present capit inject public privat sharehold contribut proport sharehold privat investor sharehold econom signific prior payment advanc ff billion nec ibm sharehold bull total share capit compani invit french govern particip make advanc bull inform part subsequ capit increas capit increas decemb note ibm particip stake bull dilut reduct hand nec maintain sharehold invest ff million sharehold econom signific monetari sharehold point view nec bull capit inject nec repres total current inject nec total invest bull sharehold account total capit inject made group whilst amount signific rel amount small comparison total similarli amount small nec financi year nec financi asset invest ff billion financi year nec invest ff billion fix financi asset ff million signific invest nec make addit forgotten nec broader interest market economi investor continu invest bull access invest bring french european market public procur consid nec invest bull econom signific invest detract aid natur state capit inject final net present analysi capit inject analysi base financi project provid french author bull period consid french state suffici judg bull financi viabil proceed analysi base discount note decemb bull total sharehold fund includ advanc ff billion amount ff million end restructur process inject state ff billion bull project total sharehold fund ff billion eros ff billion capit inject take account bull decemb net cash flow capit inject period bull decemb intern rate return gener financi flow insuffici convinc market economi investor oper normal condit undertak transact basi test appar advanc capit inject made made french state franc télécom benefit bull aid mean articl ec treati eea agreement french author argu capit inject aid bull option state sharehold liquid sale recoveri measur option protect state invest action minor sharehold support state decis action state compar sharehold larg inform technolog group difficulti french author claim cost liquid net cost state liquid dispos bull viabl busi segment exce amount capit inject amount capit inject lower amount inject fund permit restructur correct econom decis sharehold compani limit share respons law econom amount subscrib share capit liquid sharehold exposur limit amount arriv liquid bull french author assum french state sharehold account total bull debt shown balanc sheet contract balanc sheet approach mix state role owner sharehold bodi respons social polici econom standpoint support court justic judgment septemb clear state involv limit share capit word advoc gener compani liabil exce asset creditor call patrimonio del estado state make good differ french author calcul sale bull viabl part exce legal cost redund cost run bull consid erron includ bull liabil cover state guarante calcul liquid cost compar cost capit inject restructur analysi carri market economi investor simpli compar diminut incur lose share capit liquid cost restructur consid analysi discount consid respons exceed nomin sharehold liabil impos nation court claim french author case fact bull restructur liquid earlier point time contrari behaviour market economi investor investor action clear liabil aris put limit liabil doubt nation law establish unlimit guarante govern account fact act market economi investor invest decis commiss posit case establish decis eec ecsc commun efim case action bull minor sharehold dismiss reiter consid sharehold nec econom signific continu invest motiv market access reason rememb ibm particip transact fact bull rais debt fund detract analysi detail lender length loan applic interest rate conclud transact aid grant bull turn action sharehold compani posit similar bull french author make refer siemen sni olivetti amp point case sni parent compani support financi recur high level loss olivetti fund rais stock exchang dec particip increas final concern amp state amp continu support inform technolog busi acquir loss make ncr point requir consider sni capit inject siemen current exchang rate amount ff billion bull receiv ff billion restructur whilst siemen lent ff billion sni restructur monei loan recov rememb sni larger compani term turnov bull cost proportion restructur addit sni make publicli full financi result ascertain extent sni loss due restructur cost behaviour siemen respect sni base industri rational sni form complementari part larger electr electron consum good conglomer sni account siemen turnov greatest segment sale come industri autom transport due group diversifi structur includ electr compon energi medic divis econom rational comput compani group fact sni draw siemen compon divis sell product captiv autom compon divis support argument sni retain strateg reason similarli olivetti rais ff billion right issu smaller amount bull olivetti rais sum back success trade perform bull addit particip dec origin transact note dec process withdraw olivetti final amp whilst support inform technolog busi ncr call sharehold fund reli intern gener moni undertak restructur group action french state respect bull distinguish case ground size extern capit inject case contrast bull case sni amp fact industri synergi omit lack case bull thirdli amp olivetti gener oper profit recent year fund restructur bull unabl forgotten number comput compani competitor bull ibm whilst loss make restructur sharehold compani gener incur net loss result restructur provis profit oper level final note french author submit net present analysi show intern rate return gener capit inject calcul erron reason calcul ignor recapit franc télécom public undertak compani capit inject account determin cash flow analysi assum state meet bull liabil liquid discuss econom ground inappropri consid calcul discount summari argument advanc french author point conclus french state franc télécom act market economi investor recapit bull conclud capit inject amount total ff billion french state franc télécom consid aid mean articl ec treati eea agreement appar analysi payment advanc futur capit inject appear intent french govern grant rescu aid whilst capit inject hand natur restructur aid vi bull oper distinct area proprietari comput gco gco open system busi softwar unix person comput zd system integr servic bull sale equip amount ff billion ff billion rental servic incom ff billion ff billion sale revenu analys gt tabl gt understood bull sale western europ place franc data size european market set commiss panorama industri total market size ff billion altern eea yearbook world electron data market ff billion edp equip final idc worldwid black book western european market size ff billion ff billion bull sale ff billion western europ ff billion export franc involv trade member state contract parti aid bull capabl distort trade mean articl ec treati eea agreement vii whilst articl ec treati eea agreement lai gener incompat state aid derog gener incompat contain articl case aid region dimens french mainland benefit derog pursuant articl similarli aid region specif believ bull continu major plant locat region fall region derog articl aid benefit derog commiss believ aid consid derog provid articl aid facilit develop econom activ aid affect trade condit extent contrari common interest commiss recent adopt revis guidanc commun guidelin state aid rescu restructur firm difficulti notic member state circumst prepar permit state aid undertak restructur physic financi restructur involv or mor element reorgan ration firm activ effici basi typic involv withdraw activ longer viabl loss make restructur exist activ made competit possibl develop diversif viabl activ financi restructur accompani physic restructur restructur plan account inter alia circumst give rise firm difficulti market suppli demand relev product expect develop specif strength weak firm orderli transit firm structur viabl long term prospect produc adequ return inject capit enabl oper strength resourc requir state assist consid aid restructur contribut develop econom activ advers affect trade commun interest condit fulfil context note commiss recogn white paper growth competit employ immin inform societi emerg inform highwai commun eea interest meet challeng area economi successfulli complet chang hold signific competit advantag whilst bull oper specif telecommun aid establish viabl competit inform technolog industri long competitor oper eea unduli disadvantag aid facilit econom develop standpoint commun forgotten advanc capit inject link restructur plan le plan de restructur approv bull major sharehold submit commiss march french author stress plan object rectif bull financi result year restor viabil permit privat restor viabil whilst goal restructur plan restor undertak long term viabil health reason time scale ensur aid relat thereto proport restructur cost benefit propos restructur plan implement full bull restructur plan restructur group oper divis segreg busi type restructur oper specif micro comput open system softwar busi reduct labour forc close factori sale activ main thrust plan reduc bull cost structur reduct number employe ration factori capac sale margin oper cost action estim ff billion ff billion met current recapit balanc provid accord restructur plan de mutat balanc recapit emploi reduc bull parti indebted estim measur improv bull oper margin ff billion whilst restructur measur gener cumul cost reduct ff billion period ff billion relat distribut administr cost ff billion research develop charg ff billion gross margin improv add continu improv due plan de mutat plan add save result reduct number employe ff billion variabl cost reduct amount save ff billion total cost reduct foreseen comparison amount ff billion save reduc effect inflat lower extern financ research develop programm reduc capit softwar develop expens net save forecast amount ff billion improv attenu fact sale valu expect decreas gross margin bull sale total forecast fall ff billion ff billion reduct total hardwar sale reduc period whilst softwar mainten servic revenu term gross margin fall predict split hardwar reduct incur softwar mainten servic fall foreseen result expect increas competit market bull gross margin forecast margin achiev neg effect reduct turnov gross margin amount ff billion reduc impact oper level profit loss account ff billion measur forecast return oper divis profit measur anticip break end net result improv impact debt reduct reduc financi charg ff billion fact bull make restructur provis addit commiss consid debt equiti ratio bull restructur period level end ratio end capit inject classifi aid forecast improv end end restructur process bull expect profit oper net result level reduc oper capac flexibl permit forecast unforeseen event ration bull factori result closur villeneuv ascq franc unit state action lead job loss half franc total bull forese redund period workforc decemb addit job lost bull partner natur wastag cut administr balanc cut share equal research develop manufactur servic bull greatest loss make divis zd address specif restructur plan led bull ceas final assembl micro comput rise partnership arrang packard bell agreement packard bell complet final assembl desk top comput lap top comput sourc asian supplier advantag partnership twofold packard bell distribut network zd packard bell increas chanc reach critic mass order compet market high sale volum crucial success size order succe fulli high sale volum amount gross profit gener gross margin low compress competit financ research develop continu product innov appar zd consider reduc loss result measur consid zd reach critic mass compet successfulli long term major competitor import forthcom privat bull ensur zd retain suitabl synergi built purchas zd bull experienc problem busi addit origin restructur plan wave restructur identifi independ consult report refer start august import divis return financi health process continu accord acceler procedur ascertain impact restructur plan date examin bull financi perform month period june salari cost month compar previou year fallen ff million salari variabl cost reduc ff million result month june set summari result shown restructur reserv amount ff million reserv place month gt tabl gt growth sale repeat month year lead bull exceed forecast gross margin deterior predict notwithstand reduct administr cost result improv oper margin figur believ indic success bull restructur independ consult report conclud bull restructur plan return group viabil current diversifi form appar report order achiev size return long term sustain viabil bull privat condit order enabl group privat industri partnership attain increas scale refocu strategi give custom personnel confid futur fact consult conclud privat short term kei bull turnaround send clear signal bull wish surviv employe client partner end strateg uncertainti reinforc busi unit continu turnaround cost reduct consult conclud bull wish remain broad base comput group manufactur good provid servic privat place decemb occur bull format return long term viabil commiss share consult view bull strong industri partner support divis remain broad base comput group commiss recogn effect articl ec treati articl eea agreement rule govern system properti ownership prejud commiss appreci request oblig privat bull appar french govern wish privat group made fact commiss respect note french govern includ bull list privat candid law privat addit note current restructur gear privat group legal procedur step enabl privat proce french author confirm letter date octob privat reduc state direct indirect sharehold includ vote power bull capit prioriti carri french author state restructur plan meet septemb payment made bull commiss concur report consult consid order bull viabl current form major industri partner found decemb note mainten bull current form requir major industri partner found date independ consult identifi scenario aris scenario assum bull downstream oper concentr servic close custom case sold margin manufactur oper option entail drastic reduc overhead case bull reduc level servic compani partnership necessarili believ crucial long term viabil develop affect commiss view case basi bull continu broad base comput produc rapidli find industri partner commiss consid bull return sustain financi viabil basi restructur plan addit measur put motion august common interest condit aid restructur measur offset advers effect competitor commiss conclus whilst major comput compani oper eea suffer financi difficulti problem caus rapid chang industri excess product capac forgotten bull deriv major part revenu servic expand market aid effect compet provid similar servic structur excess product capac commiss satisfi aid enabl beneficiari increas product capac essenti restor viabil unduli distort competit ensur case commiss impos oblig condit beneficiari consequ close factori reduc personnel bull reduc industri capac term hour billion billion util increas period period bull forese reduct total hardwar sale increas sale deriv unix system micro comput addit term softwar mainten sale reduc period whilst servic increas reduct softwar mainten greater increas lead reduct manufactur sale french govern provid estim market data extract idc worldwid black book show world market term increas period bull share world market fall similarli western european market bull share forecast fall market growth annum addit note bull engag process dispos peripher activ dispos oper limit distort effect bull aid final commiss consid aid proport restructur cost benefit state aid financ bull restructur repai debt financ restructur pai back period aris improv result bull satisfactori mean cost ration cover result cost save short time analysi detract aid natur recapit write debt bull level indebted end restructur compar main competitor financi charg level place bull risk amount aid exce strictli septemb ammounc bull dispos north american oper wang amount million cash bond million wang share monei bull settl outstand oblig respect pension fund properti leas unit state america bull resourc albeit limit extent financ restructur aid contain advanc capit increas paid bull ff billion main ff billion extinguish group accumul loss state restructur guidelin aid extinguish accumul loss tax credit relat thereto elimin retain offset futur profit sold transfer parti tax credit extinguish order prevent group receiv aid time light consid aid contain advanc capit inject capit inject facilit econom develop comput industri commun eea aid distort trade extent contrari common interest viii light aid contain advanc ff billion capit inject ff billion paid februari decemb amount aid ff billion grant benefit exempt provid articl ec treati articl eea agreement provid commit fulfil adopt decis articl aid contain advanc grant bull februari amount ff billion capit inject decemb amount ff billion grant bull amount ff billion compat common market eea agreement accord articl ec treati articl eea agreement provid french author respect commit measur includ sale set restructur plan le plan de restructur complet accord timet restructur divis propos august detail carri aid purpos set plan commiss inform progress made respect restructur plan mean report set situat restructur aid put decemb june decemb report submit end month date aid paid bull conform commun law framework envisag privat industri partner acquir signific amount share bull partnership achiev bull dispos activ period guarante return long term viabil group commiss inform detail envisag privat process advanc put oper articl carri forward loss effect conform paragraph iii commun guidelin state aid rescu restructur firm difficulti articl franc inform commiss month date notif decis measur compli articl articl decis address french republ brussel octob commiss karel van miert member commiss oj case oj oj footnot footnot oj join case netherland leeuward papierwarenfabriek bv commiss ecr case sa intermil commiss ecr case belgium commiss ecr meura bulletin ec oj busi secret join case imepiel intelhorc paragraph publish oj oj oj