Brussels, 22/06/2011 (Agence Europe) - On Wednesday 22 June, the European Commission opened a formal investigation to assess whether the capital increase of €223 million of SeaFrance, which was subscribed by SNCF Participations, its sole shareholder, complies with EU rules on state aid. The Commission is not certain that this restructuring plan, which was notified on 21 February of this year, will eventually offer prospects of a return to viability for this company, which carries out maritime freight and passenger transport operations on the Calais-Dover route. It also has its doubts about the appropriate level of Seafrance's own contribution, which, in this case, is well below the 50% theoretically required by large companies. Additionally, it wonders whether the proposed measures will be enough to limit distortions of competition caused by this aid.
Furthermore, two further measures considered by France not to constitute aid have been implemented by the company and may in fact constitute aid: the extension, on 23 February 2010, of a Treasury agreement concluded on 16 February 2009 between SNCF and SeaFrance and the funding granted to SeaFrance by SNCF to remove the purchase option on the vessel SeaFrance Berlioz. (F.G./transl.fl)