Press Release: Commission opens state aid investigation into further restructuring of public shipyards in Spain

On 12.7.00 the European Commission decided to open a formal investigation into the acquisition by the Sociedad Estatal de Participaciones Industriales (SEPI) of the shipyards Juliana and Cádiz and the diesel engine plant Manises owned by its subsidiary Astilleros Españoles (AESA) for PTA 10 billion (about €60 million). On the basis of the information at its disposal the Commission doubts whether this was a genuine market transaction, but rather a capital injection that could constitute state aid. The Commission also doubts whether such aid would be compatible with the shipbuilding aid rules. It has therefore decided to open an investigation procedure.