Around 2000, an alternative use for the Vega was explored as a medium-class booster rocket to be used in conjunction with an improved, up-rated model of the Ariane 5 heavy launcher. In October 2000, it was announced that France and Italy had settled their year-long dispute over the Vega programme; France and Italy agreed to provide 35% and 52%, respectively, of the financing towards the all-composite P80 booster for the Ariane 5 — work which would be included in the Vega programme. In March 2001, FiatAvio and the Italian Space Agency (ASI) formed a new company, European Launch Vehicle (ELV), to assume responsibility for the majority of development work on the Vega programme. By 2003, there was concerns that European Space Agency (ESA)'s recent adoption of the Russian Soyuz launcher would directly compete with the in-development Vega; demands for such launchers had declined with a downturn in the mobile telecommunications satellite market and doubts over the European Galileo satellite navigation system.