2011/414/EU: Commission Decision of 14 December 2010 on the State aid C 8/10 (ex N 21/09 and NN 15/10) implemented by Greece in favour of Varvaressos S.A. (notified under document C(2010) 8923) Text with EEA relevance
Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
The Commission decision of 16 July 2008 approving the notified rescue aid in favour of Varvaressos is revoked on the grounds of incorrect information provided during the procedure which was a determining factor for the decision, in accordance with Article 9 of Regulation (EC) No 659/1999.
The aid which Greece has in part implemented and is planning in part to implement for Varvaressos S.A. amounting to EUR 16,7 million is compatible with the internal market, subject to the conditions set out in Article 3.
1. The plan for restructuring Varvaressos must be fully implemented. 2. Starting in the year 2011, Varvaressos’s yearly turnover from sales in Greece must be reduced by 10 % compared with the turnover in sales in Greece in 2009. This limitation will apply for the calendar years 2011, 2012 and 2013. 3. The company will not be granted any kind of State aid until the end of 2015. This includes any funding from local, regional, national and EU sources. 4. The two prior conditions shall apply to Varvaressos, to all its future subsidiaries, and to any company controlled by the shareholders of Varvaressos to the extent that it uses productive assets (e.g. plants, production lines) currently belonging to Varvaressos or its subsidiaries. They shall also remain in force if Varvaressos is sold to and/or merged into a different legal entity, or if the assets of Varvaressos are sold as a going concern to a different legal entity. 5. For the purpose of monitoring compliance with all the prior conditions, Greece shall provide the Commission with 6-monthly reports on the state of progress of Varvaressos’s restructuring. As regard the sales limitations, Greece shall provide the Commission with annual reports, sent at the latest at the end of January, giving the sales figures for the previous calendar year.
Greece shall inform the Commission, within 2 months of notification of this Decision, of the measures taken to comply with it.
This Decision is addressed to the Hellenic Republic.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.