The Commission still believes that the minority shareholders who did not participate in the recapitalisation of HSH in 2009, did not see their sufficiently diluted because the number of shares allocated to the public owners in the recapitalisation was not based on a correct valuation of HSH at the relevant time.

In the Decision initiating the procedure (recitals 66 to 72), the Commission took the preliminary view that the minority shareholders who had not participated in the recapitalisation of HSH in May 2009 had not seen their sufficiently diluted.

It follows from the above that the price paid by Lufthansa for ÖIAG’s is between EUR […] and EUR […]. This must be compared with a going-concern value for Austrian Airlines of between EUR […] and EUR […], with a mid-range value of EUR […]. The price paid is therefore not lower than the going-concern value.

At is the further development of the competitiveness of a major economic sector that directly represents 6,3 % of the Union gross domestic product (GDP) and employs nearly 13 million people in Europe.

The issue at is the quality of certificates and test reports irrespective of whether they fall within the regulated or the non-regulated area, and no distinction should therefore be made between those areas.

Explain the extent to which trade within the territory of the EEA in the products at is affected by transportation and other costs.

Fifthly, Corus argues that, since the steel sector is characterised by structural over-capacity, State aid is presumed to be present where a public is acquired in a company operating in that sector.

For the purposes of the analysis the report did not take into account the possible participation of private shareholders in the capital increase as its impact on the value of the Romanian State's is considered to be neutral.

The sale of its insurance and health arms shall take place before the end of 2012, while the sale of non-strategic equity is ongoing.

The Commission considers that, taking into account the fact that annual instalments are going to be paid, SODIGA’s is a minority one which does not allow it any influence over the management of the company and that Siderúrgica Añón will produce mainly for its own shareholders, from an economic point of view this stake can be treated as a subordinated participating loan. From the standpoint of the risk involved, however, this investment has to be treated as normal share capital since although subordinated participating loans are ranked below other debt instruments they take priority over share capital.

Lufthansa, as the acquirer of ÖIAG’s controlling , is therefore obliged to make an offer to all shareholders at the weighted average price.

The nominal value of BAV’s equity is, therefore, EUR 15000. The stakes held by LfA and BAV were determined on the basis of their respective funding contributions to BFH.

For Simet, what is at is not a case of the type governed by Regulation (EEC) No 1191/69, but a dispute over damages.

Furthermore, the Commission notes that, when the fundamental business data of undertakings such as OMV AG, Österreichische Post or Telekom Austria are examined by analysts, the performance of other undertakings in which ÖIAG has a is not taken into consideration [41].

The lower sales price for the 72,4 % is thus paid from the revenue forgone by the State.

In this context, the Commission must conclude that the measure at is selective.

OeMAG is a public limited company owned by transmission system operators, banks and industrial undertakings: a 24,4 % is held by Verbund-APG, and the rest is held by VKW Netz AG, TIWAG Netz AG, CISMO GmbH, Oesterreichische Kontrollbank AG, Investkredit Bank AG, and Smart Technologies, with 12,6 % each.

The aid element in the two is equivalent to the difference in interest rates between 12,33 % and 7,2 %, i.e. 5,13 %, in the case of the first stake and between 11,06 % and 7,2 %, i.e. 3,86 %, in the case of the second stake.

Most interested parties also claimed that should Chinese imports stop due to the imposition of measures the security of supply would be at because the Community industry cannot satisfy the demand on the EU market even if both producers would produce at 100 % of their capacity.

Europa7, however, reiterated comments which had been made by Sky Italia in its complaint and stressed that there was no general interest at because, at present, the purchase of digital decoders was linked to purely commercial activities and that the benefit from the switchover had already been put off to 2012.