The worldwide financial crisis and the subsequent responses by the European governments to deal with the crisis, constitute a major challenge for European State aid law.
At the same time, companies with no previous exposure to State aid issues are now increasingly affected by the rules.
The Linklaters State aid practice has extensive experience of advising beneficiaries and governments in both formal and informal State aid investigations. For example, the State aid team is currently advising a number of large financial institutions across Europe on the state aid issues arising from the financial crisis including bank rescues, restructuring and recapitalisation.
We help our clients to achieve their commercial objectives by:
- giving incisive advice on law and strategy, taking into account both legal and political realities
- advising clients on state aid issues ensuing from privatisations and sale of state-owned assets
- handling dealings with the European Commission and with governments granting state aid
- advising clients in relation to the repayment of unlawful state aid and managing recovery proceedings
- supporting beneficiaries of alleged state aid in complex court cases brought by complainants against European Commission state aid clearances
- assisting clients with state guarantees or financial support in the context of infrastructure projects, greenfield investments and carbon emission reduction
Recent transactions include advising
- two leading UK financial institutions in relation to the UK Government's measures to support them through the financial crisis of 2008-9
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Hypo Real Estate Group in connection with the provision of an emergency liquidity financing and related restructuring state aid
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Fortis Holding on the competition law aspects of its restructuring, involving capital increases and financial guarantees, in the context of the global financial crisis
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BT in relation to European Commission state aid proceedings regarding the application of UK property tax and the Crown Guarantee for pension liabilities and subsequent appeals
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Deutsche Post/DHL on the Phase II State aid investigation of DG Transport and DG Competition regarding the move of DHL’s European hub to Leipzig/Halle Airport
