Brussels, 30/04/2003 (Agence Europe) - The European Commission initiated has begun a formal investigation procedure concerning possible State aid involved in an Italian Shipbuilding Guarantee Fund. Notified on 16 May 2001, the fund is not yet operative - is intended to cover the risk of loans taken out for the construction and conversion of ships in Italian shipyards.. The guarantees can be given to a sum no greater than 40% of the amount of the loan and within this limit - would cover up to...