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Thu, Mar 08, 2012

EC Approves State Aid For Helicopter Manufacturers

Greenlights Subsidies From French, Italian Governments

The European Commission has given the go-ahead to the governments of France and Italy to provide state aid to EADS and Finmeccanica for the development of new civilian aircraft.

The companies will be assisted in the development of the Eurocopter X4 and the AgustaWestland AW169, respectively, according to a report from Dow Jones in the Wall Street Journal. Both are medium-lift helos.

Eurocopter will receive the equivalent of $187 million in the form of a repayable advance. Finmeccanica will receive a zero-interest subsidized loan form the Italian government amounting to $357 million at current exchange rates. The EC is the body with antitrust authority in the European Union.

European Competition Commissioner Joaquin Almunia called the subsidies "fully justified" in terms of the European public interest, as well as environmental and research and development considerations.

FMI: http://ec.europa.eu/index_en.htm

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