The Foreign Subsidies Regulation (FSR) is showing its first results: on Tuesday 24 September, the European Commission authorised the takeover of the Dutch telecommunications companyPPF Telecom Group B.V. (PPF) by the Emirati operator Telecommunications Group Company PJSC (e&) under certain conditions (see EUROPE B13428A17).
The investigation, launched 3 months ago, revealed that aid in the form of unlimited guarantees and loans from state banks received by e& did not play a disruptive...