Gleiss Lutz successfully advised Commerzbank in a state aid procedure at the European Commission. Today, the Commission approved, under EU state aid rules, a modification to Commerzbank's commitment to divest its largest subsidiary Eurohypo by the end of 2014.
The commitment had been given in the context of Commerzbank's restructuring plan, approved by the Commission on 7 May 2009. Since fulfilment of this commitment proved to be difficult, it was proposed that, instead of the divestment, most of Eurohypo’s activities should be run off on Commerzbank's own balance sheet and the acquisition ban prolonged until March 2014. The Commission found the proposed alternative to be an adequate substitute for the divestment commitment and endorsed it with today’s approval.
The case was handled by Dr. Ulrich Soltész (Partner), Philipp Melcher and Christian von Koeckritz (all EU State aid, Brussels). Gleiss Lutz has been an important player in the field of EU State aid law for many years now. The firm has been particularly active in restructuring cases during the financial crisis.
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