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A Textbook Case of i) How to Sell Public Assets without Passing on Incompatible State Aid to the Buyer; and ii) How to Work together with the Commission*
An undertaking that has received incompatible State aid must pay it back or, if it cannot, it must be liquidated. Before a recipient of possibly incompatible State aid is liquidated, its assets can be sold off to the highest bidder. The buyer of previously subsidised assets does not benefit from State aid if i) it pays a market price and ii) there is no economic continuity between the new owner and the undertaking that received the aid.
The case which is reviewed in this article (SA.37954, sale of assets of Larco General Mining & Metallurgical Company) is instructive for two reasons. First, it shows how to carry out
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