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Home Page > Archivio delle notizie > Notizia The Commission opens a formal investigation on a capital contribution made by ENI to EniChem in 1994 (Italy)The European Commission has decided to initiate the investigation procedure laid down in Article 88 (2) of the EC Treaty and invite third interested parties to submit their comments in respect of a capital contribution of 1,549 million euro (LIT 3 000 billion) decided at the general meeting of EniChem's shareholders in June1994 and paid out subsequently. The Commission has initiated this investigation following the judgement of 15.9.1998 of the European Court of First Instance that had annulled for lack of motivation a previous decision of the Commission of July 1994 concluding that the said capital contribution did not constitute an aid but a normal investment accruing an appropriate rate of return to its investor. On 27.7.1994 the Commission adopted a decision authorising aid to the Italian chemicals producer, EniChem SpA (OJ 1994 C 330). This decision closed not only the Article 88 (2) EC [at the time Article 93 (2) EC] procedure initiated on 16.3.1994 (OJ 1994 C 151) in respect of two previous capital contributions made by ENI to EniChem in October 1992 and December 1993 of 516.46 million euro (LIT 1,000 billion) and 410 million euro (LIT 794 billion) respectively, but also the preliminary examination of a third capital contribution of 1,549 million euro i(LIT 3,000 billion) approved at a general meeting of EniChem's shareholders on 29.6.1994 and paid during the three months following the Commission decision. By application lodged in January 1995, BP Chemicals brought proceedings before the European Court of First Instance ("CFI") for annulment of the Commission decision. By judgement of 15.9.1998 the CFI annulled this decision in so far as it closed the preliminary examination of the third capital contribution. In particular, the CFI concluded that "the Commission, in closing its initial examination of the third capital injection pursuant to Article 93 (3) EC of the Treaty, despite its inability to surmount the difficulties regarding the question whether that injection constituted State aid, and without examining whether the injection was compatible with the common market, infringed the rights of the applicant as a party concerned within the meaning of Article 93 (2) of the Treaty". By the decision to initiate the Article 88 (2) EC investigation procedure in respect of the third capital contribution, the Commission fulfils its duty to allow third interested parties to submit their comments. The Commission however keeps taking the view that on the basis of the information available at this stage of the procedure, the capital contribution of 1,549 million euro (LIT 3 000 million) cannot be regarded as constituting aid within the meaning of Article 87 (1) EC but a normal investment under market economy principles. The Commission also takes the view that, in any event, should the capital contribution be considered to constitute aid, such aid would be compatible with the common market since it may meet the compatibility conditions set out in the Community Guidelines on State aid for rescuing and restructuring companies in difficulty of 19.9.1997 (OJ 1997 C 283 and OJ 1999 C 67).
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