Law360, New York (May 14, 2007, 12:00 AM ET) -- The European Commission has initiated an investigation into whether Italian regional and national authorities violated EC competition rules by granting $28.15 million in restructuring aid to two chemical companies.
The Commission is looking into whether the companies, NGP SpA and Simpe SpA, financed at least 50% of the project to restructure their polymerization assets on their own, as EC rules on restructuring aid require.
It is also examining whether NGP and Simpe took compensatory measures, such as divesting assets or diminishing market presence, to offset any...
Italian State Aid Comes Under EU Scrutiny
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