Press Release: Aid for restructuring SNCM: Commission extends investigation procedure

Following changes made by the French authorities to their original plans for restructuring the ferry operator Société Nationale Corse-Méditerranée (SNCM), the European Commission has decided to extend the formal investigation procedure it initiated on 19 August 2002. The investigation will now also look at new subsidies granted to SNCM under the new plan and determine if they are compatible with European rules on State aid. The subsidies in question were granted prior to the partial sell-off of SNCM to private investors Veolia Transport and Butler Capital Partners.