Brussels, 21/03/2013 (Agence Europe) - After an in-depth investigation, the European Commission concluded on 20 March 2013 that the acquisition of bonds worth PLN 120 million (around €40 million) in the Nauta shipyard in Poland by the state-owned Polish Industrial Development Agency (IDA) is in line with EU state aid rules. The aid is supposed to enable Nauta to invest in new assets, and Poland has given a longer repayment deadline (until November 2013) because the planned investment was not completed on schedule. The Commission found that the bonds had been bought on market terms and the doubling of the repayment deadline from two to four years did not give Nauta undue economic advantage. The Commission's investigation found that before making the investment IDA had analysed the financial standing of Nauta on the basis of sound assumptions and that this assessment justified the decision to acquire the bonds. The Commission also found that the bonds were acquired by IDA on market terms, given the financial situation of Nauta and the quality of collateral provided. Finally, the extension of maturity was justified by an increase of the interest rate and a higher collateralisation. The Commission therefore concluded that the acquisition of bonds did not give Nauta an undue economic advantage. (FG/transl.fl)