The European Commission Wednesday said a decade-old tax settlement between Belgian materials company Umicore SA (UMI.BT) and the Belgian government wasn't illegal state aid.

The settlement, reached in December 2000, changed a previous determination that Umicore owed EUR20 million in value-added tax. The agreement reduced that bill to EUR10 million due to rebates that Umicore was entitled to.

The commission said those rebates weren't state aid and closed its investigation.

-By Matthew Dalton, Dow Jones Newswires; +32 2 741 1487; matthew.dalton@dowjones.com
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