Monti wand Paris, and freezing the capital increase of the French company's attempt fails
Mr Mer Within the month the infringement procedure
BRUSSELS. Instead of an announcement opening a formal investigation within the month. Has not ended as he had hoped the meeting in Paris yesterday between Competition Commissioner Mario Monti and French Economy Minister Francis Wed The EU's executive, after formally challenged the aid granted by the French 'samples national 'as EDF, France Telecom and Bull, is preparing to launch a new infringement proceedings against the restructuring plan for the mechanical industry giant Alstom.
world leader in the field of wind turbines for power stations (with a share of 25% of the world) in the rail transport sector (with the TGV and - after the acquisition in 2000 Fiat Train - Pendolino, holds 18% of the total market) and in the shipbuilding industry for cruise ships, Alstom, burdened with debt for about 5 billion in recent months has faced an increasingly serious financial crisis. To avoid the likely bankrupt the French government has developed a plan for an injection of resources to 2.8 billion through a capital increase to 600 million (of which 300 were signed by the government, which would increase its holding to 31, 5%), the issuance of convertible bonds, and provision for 900 million by a syndicate of 40 banks for loans by 1.3 billion. To meet immediate deadlines the government in Paris already open, through the Cassa, a line of short-term credit for 600 million. Last Friday, in the columns of Le Figaro, the Competition Commissioner had issued a stop right at the first Raffarin government stating that "the rules are clear: a State can not provide aid without the Commission has been informed and before have them approved, "and adding that" the Commission could compel France to suspend aid those who have not yet been performed. "
"I want to discuss this plan with Commissioner Monti so that everyone can be reasonably satisfied," said Francis Wed But things went differently. "It was not a solution," Tilman Leuder cut short, a spokeswoman for Monti, after the meeting. Not only that. Brussels has also asked the French government not to participate in capital increase of Alstom (scheduled for September 24) prior authorization of the Commission. "The operation should not be implemented - stated Tilman - without having obtained the go-ahead for the EU." Times are tight. The goal is to "reach an agreement before the end of the week."
Monti, said the spokesman, "put forward concrete proposals suited to reconcile those two interests, the committee and the French government." The procedure against France, however, will be launched in each case. Perhaps as early Sept. 17, at the next Commission meeting. It is not the first time that Paris practice the policy of fait accompli. Last fall there was the opening of a line of credit for 9 billion for France Telecom indebitatissima. Recently there was the short-term loan of 450 million paid by the government in favor of Group Bull, for which Paris has said that the repayment will not occur. Aid to France Telecom Brussels initiated an infringement procedure. Against non-repayment of the loan to Bull Mountain has announced the appeal to the Court of Justice. Now there is the case of Alstom. For a measure decided by the Commission would also like to Berlin, worried about the impact of restructuring on the domestic industry, particularly the Siemens group, which Alstom is the leading competitor both in the energy sector and in the rail. Italy, too, could give positive action by the Commission. Whether it is a direct competitor Alstom Ansaldo (in the railway sector) and Fincantieri (shipbuilding), and because the sale of Fiat in 2000 train (just Alstom) was also the result of the decision in Rome not to engage in those actions assistance offered by Paris today.
Stefano Mazzocchi
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