Brussels, 15/05/2009 (Agence Europe) - On Friday 15 May 2009, the European Commission cleared the planned acquisition of German financial institution Hypo Real Estate AG ("HRE") by Germany's state-owned Financial Market Stabilisation Fund ("SoFFin"). The Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it. This is the first time in the current financial crisis that a bank nationalisation has been notified to the Commission under the EU Merger Regulation.
Under the EU treaty state aid rules, the Commission launched an in-depth investigation on 7 May 2009 into public aid for HRE (see EUROPE 9897). This is a separate investigation. (L.C./transl.fl)