EU Opens Probe Into Hungary's Plans to Give State Aid to Samsung SDI Plant Expansion
14 10월 2019 - 7:29PM
Dow Jones News
By Cristina Roca
European Union antitrust authorities said Monday that they have
opened an investigation into Hungary's plans to grant 108 million
euros ($119.2 million) of public funds to Samsung SDI Co. Ltd.
(006400.SE) for the expansion of its battery-cell plant in God,
Hungary.
The European Commission said it has doubts whether Hungary's
plan to support Samsung SDI's investment is in line with EU rules
on regional state aid, which aims to foster growth in disadvantaged
regions in Europe.
"The Commission will carefully investigate whether Hungary's
planned support is really necessary for Samsung SDI to invest in
God, is kept to the minimum necessary and does not distort
competition or harm cohesion in the EU," said EU antitrust chief
Margrethe Vestager.
Samsung SDI is investing around EUR1.2 billion in the expansion
of its plant. Investments by large companies in existing production
facilities generally aren't eligible for regional investment aid,
the European Commission said.
The EU's watchdog will examine whether Samsung SDI's investment
in the region would have taken place even without the public funds,
and said it has doubts about the aid support's "contribution to
regional development and its appropriateness and
proportionality."
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
October 14, 2019 06:14 ET (10:14 GMT)
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