PSA: Brussels gives her carte blanche to the capital increase
+ DOCUMENT In a letter to Pierre Moscovici, the European Competition Commissioner Joaquin Almunia said have no problem at the entrance to the state capital of PSA. For the EU executive, the injection of public money into the automaker does not constitute state aid.
Brussels can not find anything wrong with the input of the State capital of PSA. This is what emerges from a letter sent Wednesday by Joaquin Almunia, Competition Commissioner, Pierre Moscovici, including "Les Echos" received a copy (see below). The tone used by the Spanish leader clearly shows that the injection of public money into the automaker does not constitute State aid for the European executive. "There is a letter in response to a request for visibility government, not a decision in good and due form, "said Will be in Brussels.
In the letter where Joaquin Almunia gives "Dear Peter" the French Minister of Economy - they are both "comrades" socialist, even if repeated outbursts of Spanish with Arnaud Montebourg could believe otherwise - it is wrote that "the participation of the state capital increase [...] does not seem to raise any particular problems." This is underwritten by both the State and by private actor Donfeng in this case, France is therefore like any investor, according to the criteria of Brussels. The reconciliation of the bank subsidiary PSA Finance with Santander "not present either difficulty in principle" subject to certain conditions. Joaquin Almunia wants to ensure that the actor will meet the commitments made in July 2013 by the Group in exchange for public security received for its banking subsidiary.
"One time, last time"
This carte blanche implied Brussels was an imperative for the smooth running of the "Chinese plan" PSA. There is indeed an absolute principle of competition law, the "one time, last time". Clearly, a company can benefit twice in a short time a state aid. However, the French government came to the rescue of the banking subsidiary of PSA last year. It was therefore necessary that the capital injection is not perceived as an aid. The land had to be marked and this probably explains the contacts have never been cut for several months between the Commission services on the one hand, and the government supported by BDGS Associates, the firm founded by Antoine Gosset including Grainville . At the same, the Commission demonstrated that it is not necessarily the monster described by Arnaud Montebourg dogmatism. "There is a real gap between actual cases and inflammatory statements that are not based on any specific evidence" emphasizes a European source.