The EU Commission finds that Greece’s sale of certain assets of a state owned mining company does not constitute State aid (Larco)
*Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no relationships with a party or related third party. Article will need e-Competitions Board approval before publication.
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.
Introduction
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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