Brussels, 27/08/2004 (Agence Europe) - Competition Commissioner Mario Monti is expected to make the final decision on the Bull deal before the end of October (in other words, before the Barroso Commission takes up office), announced Mario Monti's spokesperson, Tilman Lueder, on Friday, commenting that the deal did not raise any major concerns or doubts. The final decision is currently being prepared by the Commission services. In Friday's issue, Le Figaro announced that the Commission will authorise aid for restructuring of EUR 517 million, notified by the French state at the beginning of March this year (see Europe of 17 March). The aid would not be paid out until 2005 in order to abide by non-repetition legislation (whereby there must be a ten year gap before a company receives further aid of the same type).
Bull received some EUR 1.13 bn in aid in 1994, followed by a short-term rescue package loan of EUR 450 million in 2002 from the French state. The loan was not repaid according to the agreed timetable and Bull currently owes EUR 517 million (including interest). If the Commission's investigation decides that the restructuring plan can go ahead, Bull will receive exactly the amount needed to repay its debt to the state.