[autom.vertaling] Sonde over gewijzigd hulppakket ten gunste van Alstom (en)

On 26 September France communicated a new aid package in favour of Alstom. This aid package replaces the earlier aid package on which the Commission launched a formal State aid probe on 17 September 2003. Today, the Commission extends this probe in order to include additional aid measures of € 1.1 billion that were not covered by the probe of 17 September.

The new aid package contains three crucial modifications as compared to the package of August 2003 that is already the object of the Commission's 17 September 2003 probe. First, France will replace the capital increase of € 300 million by a debt instrument that may only be converted into equity once and if the Commission authorises its conversion. The value of this debt instrument will correspond to that of the initially foreseen capital increase, i.e., € 300 million. Secondly, France will grant an additional subordinated loan amounting to € 200 million. Thirdly, France will grant a short term bridging loan of € 900 million. Under this new package thus not only the form of the planned irreversible capital injection of the State has changed but also the total amount of State aid has increased by € 1.1 billion.

On 22 September 2003 Commissioner Monti announced that, following France's commitment not to go forward with the capital increase until the Commission should approve this measure, a suspension order was no longer necessary. Nevertheless, the Commissioner made clear that not issuing a suspension order is not equivalent to approving any state aid. Approval or disapproval will only take place once the Commission concludes its State aid probe.

The probe into the whole package will give competitors an opportunity to apprise the Commission of the competitive impact of the envisaged aid package.. In its investigation the Commission will first look closely into the adequacy of the restructuring plan to restore Alstom's viability. Second, the Commission will examine the markets in which Alstom is active and the need for compensatory measures to counterbalance the distortions of competition created by the aid. Finally, the Commission will determine whether the aid is the strict minimum to restore the company's viability and whether the company itself contributes as much as possible to the restructuring costs. The Commission cannot approve any aid in excess of what is the minimum needed for the restructuring.

The extended probe now covers State intervention worth € 4.275 billion. The measures are the following:

• The capital subscription by the State of € 300 million will be replaced by long term funds for the same amount, redeemable in shares only if the Commission approves of such redemption;

• The State will provide extra € 200 million in a long-term subordinated loan to Alstom,

• The short term liquidity grant of € 300 million is increased by another € 900 million;

• The State will provide mid-term funds of € 300 million; a measure which has not been modified as compared to the initial probe launched on 17 September 2003;

• The State will provide a 65% counter guarantee on bank guarantees amounting to € 3.5 billion that is € 2.275 million - a measure which has not been modified as compared to the initial probe launched on 17 September 2003;

Background

On 17 September the Commission initiated the formal investigation procedure into State aid of some € 3.2 billion in favour of Alstom. On 22 September France accepted to modify the aid package in favour of Alstom so that the entry into the company's capital will only take place if the Commission expressly allowed it. In the meantime, France undertook to only support Alstom by means of debt instruments which can be effectively recovered if needed and thus do not have irreversible structural effects on the market.

These changes to the aid package had a double effect. First, the Commission no longer needed to issue a suspension order because the new measures are reversible. This however does not imply an approval by the Commission. The Commission will only approve or disapprove once it concludes its State aid probe. The second effect is that the changes to the package created the need for the Commission to extend its probe to assess the new measures which entail a change as well in form and value with respect to those covered by the probe launched on 17 September.

The Commission has also launched yesterday a tender for the provision of technical support in the analysis of Alstom's restructuring plan. The Commission will ask the successful bidder to assist it in the collection of relevant market data, and in the analysis of Alstom's restructuring plan, as well as information from third parties. The reliance on technical external assistance is necessary to enable the Commission to reach a timely and well-documented decision in this particularly complicated case, that involves numerous and heterogeneous markets.