2002/286/EC,ECSC: Commission Decision of 20 December 2001 on the measure which Germany is planning to implement in favour of the steel company Georgsmarienhütte Holding GmbH (Text with EEA relevance) (notified under document number C(2001) 4510)

• Articles: 2

Article 1

The measure, which Germany is planning to implement in favour of Georgsmarienhütte Holding GmbH, does not constitute aid within the meaning of Article 87(1) of the EC Treaty or Article 4(c) of the ECSC Treaty.

Implementation of the measure is accordingly authorised.

Article 2

This Decision is addressed to the Federal Republic of Germany.

Done at Brussels, 20 December 2001.

For the Commission

Mario Monti

Member of the Commission

(1) OJ L 338, 28.12.1996, p. 42.

(2) OJ C 199, 14.7.2001, p. 4.

(3) The buyers of the assets are Einhundertvierzigste KOPA Vermögensverwaltungsgesellschaft mbh and Einhundertvierundvierzigste KOPA Vermögensverwaltungsgesellschaft mbh, which are two subsidiaries of Georgsmarienhütte Holding GmbH. In context of the asset sale the term GMH refers also to this two subsidiaries.

(4) On 20 April 1999 Gröditzer Stahlwerke GmbH sold its assets and liabilities - and thus its economic operations - to the newly created Edelstahl Gröditz GmbH and Stahlwerk Gröditz GmbH which are subsidies of Stahl Gröditz Holding GmbH. The sole shareholder of Stahl Gröditz Holding GmbH is BvS. In the meantime Stahl Gröditz GmbH sold the shares in this two subsidiaries to Gröditzer Stahlwerke GmbH.

(5) Legally the parties to the agreement were Georgsmarienhütte GmbH and Georgsmarienhütte Verwaltungsgesellschaft mbH at Georgsmarienhütte, and Bladenhorster Grundstückverwaltungsgesellschaft mbH, at Castrop-Rauxel. GMH Holding GmbH was created in 1998 as a holding company after an internal restructuring of the Georgsmarienhütte group.

(6) OJ L 292, 13.11.1999, p. 27.

(7) On 28 November 2001 the Commission took a final decision on the terms of the management contract. It concluded that the measure did not contain State aid to GMH.

(8) Estimated in November 1999 by the certified Auktionshaus Dechow and Mr Rolf A. Hartmann for a going-concern asset sale out of insolvency. The value of the assets in a break-up sale was estimated as DEM 18 million.

(9) Höltger Edelstahl & Partner offered DEM 20 million for the assets of Gröditzer.

(10) The final sales price will be adjusted to take into account the value of claims and inventories on the day the sales contract enters into force. The claims will be valued at 80 % and the inventories with DEM 26,3 million, provided the value differs not by more than 10 %.

(11) Arthur Andersen, July 2001.