natgillin/translations-raw huggingface dataset:
The valuation of shareholdings or assets excluded from the scope of the transaction should not, therefore, be taken into account when establishing the market price.
Vrednotenje deležev ali sredstev, izključenih iz transakcije, se pri določitvi tržne cene torej ne upošteva.
The adjustment clause was also taken into account in the fairness opinions.
Ta klavzula v zvezi s prilagodljivostjo se je upoštevala tudi pri pripravi nepristranskih mnenj.
In the opening decision, the Commission noted that the Luxembourg State was participating in the sale of Dexia BIL as a buyer of a 10 % holding under the same conditions as Precision Capital.
Komisija je v sklepu o začetku postopka ugotovila, da je država Luksemburg vključena v odprodajo družbe Dexia BIL kot kupec 10-odstotnega deleža, in sicer pod enakimi pogoji kot družba Precision Capital.
It is clear, therefore, that the holding by Luxembourg involves state resources.
Iz tega je torej razvidno, da vključenost Luksemburga pomeni državna sredstva.
Given that Luxembourg is participating on the same conditions as Precision Capital, the Commission takes the view that in principle Luxembourg is acting as a private investor, which excludes any aid in relation to Luxembourg's 10 % holding.
Vendar glede na to, da je Luksemburg vključen pod enakimi pogoji kot družba Precision Capital, Komisija ocenjuje, da Luksemburg načeloma deluje kot zasebni vlagatelj, kar izključuje pomoč v zvezi z 10-odstotnim deležem Luksemburga.
In the opening decision, the Commission also noted that Precision Capital and the Luxembourg State planned to remove clause 3.3.5.
Komisija je v sklepu o začetku postopka prav tako ugotovila, da družba Precision Capital in država Luksemburg predvidevata črtanje klavzule 3.3.5.
The Commission has noted that under this clause, Dexia SA would undertake to obtain sovereign guarantees in favour of the buyer of Dexia BIL.
Komisija je ugotovila, da se je družba Dexia SA na podlagi te klavzule zavezala, da bo naknadno pridobila jamstva države v korist kupca družbe Dexia BIL.
Activation of the clause would potentially call on state resources in the form of guarantees.
Pri uveljavljanju te klavzule bi bilo morda treba zagotoviti državna sredstva v obliki jamstev.
Moreover, the very existence of the clause would be likely to grant benefits to the buyer of Dexia BIL.
Poleg tega bi sama prisotnost te klavzule pomenila dodelitev ugodnosti kupcu družbe Dexia BIL.
Following the opening decision, the Commission received additional information confirming that clause 3.3.5 had not been included in the final share purchase contracts that replaced the MoU.
Komisija je na podlagi sklepa o začetku postopka prejela dodatne informacije, ki potrjujejo, da klavzula 3.3.5 ni bila vključena v končne pogodbe o prodaji delnic, ki so bile nadomeščene z memorandumom o soglasju.
The Commission therefore concludes that, since the clause was not implemented and has been abandoned, there is no aid in this regard.
Komisija torej ugotavlja, da ob upoštevanju opustitve te klavzule, ki ni bila izvedena, elementi pomoči v zvezi s tem ne obstajajo.
For the reasons set out above, the Commission concludes that the measure comprising the sale of Dexia BIL does not constitute aid within the meaning of Article 107(1) TFEU.
Iz zgoraj navedenih razlogov Komisija ugotavlja, da ukrep prodaje družbe Dexia BIL ne pomeni pomoči v smislu člena 107(1) PDEU.
In particular, it does not constitute new aid for Dexia SA or for Dexia BIL,
Zlasti ne pomeni nove pomoči niti za družbo Dexia SA niti za družbo Dexia BIL –
The measure comprising the sale of Dexia BIL does not constitute aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
Ukrep v zvezi s prodajo družbe Dexia BIL ne pomeni pomoči v smislu člena 107(1) Pogodbe o delovanju Evropske unije.
Implementation of the measure is therefore authorised.
Izvajanje ukrepa se zato odobri.
With effect from 1 December 2009, Articles 87 and 88 of the EC Treaty have become Articles 107 and 108, respectively, of the Treaty on the Functioning of the European Union (‘TFEU’).
Člena 87 in 88 Pogodbe ES sta od 1. decembra 2009 člen 107 in člen 108 Pogodbe o delovanju Evropske unije (PDEU).
The two sets of provisions are, in substance, identical.
Člena sta vsebinsko enaka.
For the purposes of this Decision, references to Articles 107 and 108 of the TFEU should be understood as references to Articles 87 and 88, respectively, of the EC Treaty, where appropriate.
V tem sklepu je treba sklicevanje na člena 107 in 108 Pogodbe o delovanju Evropske unije razumeti kot sklicevanje na člena 87 in 88 Pogodbe ES, kadar je to primerno.
OJ C 146, 12.5.1998, p. 6, and OJ C 210, 1.9.2006, p. 12.
UL C 146, 12.5.1998, str. 6 in UL C 210, 1.9.2006, str. 12.
In this Decision, ‘Dexia’ and ‘the Dexia group’ refer to Dexia SA and all of its subsidiaries.
V tem sklepu „Dexia“ ali „skupina Dexia“ pomeni družbo Dexia SA in vse njene odvisne družbe.
OJ L 274, 19.10.2010, p. 54.
UL L 274, 19.10.2010, str. 54.
OJ C 38, 11.2.2012, p. 12.
UL C 38, 11.2.2012, str. 12.
Decision published on DG Competition’s website: http://ec.europa.eu/competition/state_aid/cases/243124/243124_1306879_116_2.pdf
Sklep, objavljen na spletni strani GD za konkurenco, in sicer na naslednjem naslovu:http://ec.europa.eu/competition/state_aid/cases/243124/243124_1306879_116_2.pdf.
Decision of 31 May 2012 in Case SA.26653, restructuring of Dexia, not yet published.
Sklep z dne 31. maja 2012 v zadevi SA.26653 – Prestrukturiranje skupine Dexia, še neobjavljen.
Decision of 31 May 2012 in Cases SA.33760, SA.33764, SA.33763, additional restructuring measures for Dexia – temporary guarantee, not yet published.
Sklep z dne 31. maja 2012 v zadevah SA.33760, SA.33764, SA.33763 – Dodatni ukrepi prestrukturiranja skupine Dexia – začasno jamstvo, še neobjavljen.
Decision of 6 June 2012 in Cases SA.34925, SA.34927, SA.34928, increase in the temporary guarantee ceiling, not yet published.
Sklep z dne 6. junija 2012 v zadevah SA.34925, SA.34927, SA.34928 – Zvišanje zgornje meje za začasno jamstvo, še neobjavljen.
The press release is available on the Dexia group website: http://www.dexia.com/FR/Journaliste/communiques_de_presse/Pages/Entree-en-negociation-exclusive-pour-la-cession-de-Dexia-Banque-Internationale-a-Luxembourg.aspx
Sporočilo je na voljo na spletni strani skupine Dexia na naslednjem naslovu: http://www.dexia.com/FR/Journaliste/communiques_de_presse/Pages/Entree-en-negociation-exclusive-pour-la-cession-de-Dexia-Banque-Internationale-a-Luxembourg.aspx.
OJ C 137, 12.5.2012, p. 19.
UL C 137, 12.5.2012, str. 19.
Decision of 3 April 2012 in Case SA.34440 Sale of Dexia BIL, OJ C 137, 12.5.2012, p. 19.
Dopis z dne 3. aprila 2012 v zadevi SA.34440 – Prodaja družbe Dexia BIL, UL C 137, 12.5.2012, str. 19.
Equité du prix de cession de BIL à Precision Capital/Eléments préliminaires en l'état actuel des négociations dated 10 December 2011.
„Nepristranskost cene za odprodajo družbe Dexia BIL družbi Precision Capital/Predhodna izhodišča v aktualnih pogajanjih“ z dne 10. decembra 2011.
See in particular the judgment of 19 October 2005 in Case T-324/00 CDA Datentraeger Albrecht v Commission [2005] ECR II-4309, paragraph 93: ‘… the Commission’s argument that the scope of the recovery order in Article 2 of the contested decision is justified on the ground that the joint venture and its successors belong to a group of linked undertakings within which there are internal mechanisms for transferring assets must be rejected. it is clear from the findings set out in the contested decision that, in this case, the transfer mechanisms existing within that group were used only to the detriment of that venture and not for its benefit.
Glej zlasti sodbo z dne 19. oktobra 2005 v zadevi T-324/00, CDA Datentraeger Albrecht proti Komisiji, ZOdl.
It cannot therefore be claimed that, on the ground that it belonged to that group, the joint venture actually benefited from aid of which it was not the recipient.’
2005, str. II-4309, točka 93: „[…] je treba zavrniti trditve komisije, v skladu s katerimi naj bi bil obseg naloga za vračilo iz člena 2 izpodbijane odločbe upravičen zaradi pripadnosti skupnega podjetja in njegovih naslednikov skupini povezanih podjetij, med katerimi so obstajali notranji mehanizmi prenosa sredstev. […] namreč jasno izhaja iz ugotovitev, ki so bile povzete v izpodbijani odločbi, da so bili v tem primeru obstoječi mehanizmi prenosa v tej skupini uporabljeni samo v škodo tega podjetja in ne v njegovo korist. Zato ni mogoče trditi, da je zaradi pripadnosti skupnega podjetja tej skupini to podjetje dejansko koristilo pomoči, katerih prejemnik ni bilo.“
See in particular the judgment of 20 September 2001 in Case C-390/98 Banks [2001] ECR I-6117, paragraph 78: ‘…where a company which has benefited from aid has been sold at the market price, the purchase price reflects the consequences of the previous aid, and it is the seller of that company that keeps the benefit of the aid. In that case, the previous situation is to be restored primarily through repayment of the aid by the seller.’
Glej zlasti sodbo z dne 20. septembra 2001 v zadevi C-390/98, Banks, Recueil 2001, str. I-6117, točka 78: „Če je bila družba, ki je prejela pomoč, prodana po tržni ceni, prodajna cena odraža posledice prejšnje pomoči in koristi pomoči obdrži prodajalec navedene družbe. V tem primeru bi morala biti vzpostavitev prejšnjega stanja primarno zagotovljena tako, da prodajalec vrne pomoč.“
Dexia BIL, with almost 40 branches in the Grand Duchy, is the third largest bank in the Luxembourg market, and holds approximately [5-15] % of deposits, [5-15] % of loans and some [5-15] % of assets under management in the private banking sector.
Družba BIL ima s svojimi skoraj 40 poslovalnicami v Velikem vojvodstvu tretje mesto na luksemburškem trgu, pri čemer ima približno [5–15] % vlog, [5–15] % posojil in približno [5–15] % sredstev v upravljanju na področju zasebnega bančništva.
Even though the board had ratified exclusive negotiations with Precision Capital on 9 and 10 October 2011, the formal period of exclusivity did not begin until 23 October 2011 with the signing of a letter of intent.
Čeprav je upravni odbor 9. in 10. oktobra 2011 potrdil ekskluzivna pogajanja z družbo Precision, se je uradno obdobje ekskluzivnosti začelo šele 23. oktobra 2011 s podpisom pisma o nameri.
Joined Cases C-328/99 and C-399/00 [2003] ECR I-4035.
C-328/99 in C-399/00, Recueil 2003, str. I-4035.
Commission Decision of 17 September 2008, State Aid N 321/2008, N 322/2008 and N 323/2008 – Greece – Sale of certain assets of Olympic Airlines/Olympic Airways Services.
Odločba Komisije z dne 17. septembra 2008 v zvezi z državno pomočjo N 321/2008, N 322/2008 in N 323/2008 – Grčija – Prodaja nekaterih sredstev družbe Olympic Airlines/Olympic Airways Services.
Case T-123/09 Ryanair v Commission, paragraphs 155 and 156, not yet reported.
Sodba Sodišča v zadevi T-123/09, Ryanair proti Komisiji, točki 155 in 156.
The sale of Dexia BIL was not part of the measures approved by the Commission under the restructuring plan for Dexia approved on 26 February 2010.
Prodaja družbe Dexia BIL ni del ukrepov, ki jih je Komisija odobrila v okviru načrta prestrukturiranja družbe Dexia, ki je bil odobren 26. februarja 2010.
Nor was it covered by the formal investigation procedure opened by the Commission decision of 21 December 2011 concerning the restructuring measures notified to the Commission after that date.
Poleg tega ni bila vključena v formalni postopek preiskave, ki se je začel s sklepom Komisije z dne 21. decembra 2011 o ukrepih prestrukturiranja, priglašenih Komisiji po tem datumu.
The sale of Dexia BIL had already been brought to the Commission’s attention before 21 December 2011.
Komisija je bila o prodaji družbe Dexia BIL seznanjena že pred 21. decembrom 2011.
The sale of Dexia BIL will therefore be analysed by the Commission separately from the restructuring of Dexia, not only because of the need to establish legal certainty as quickly as possible, but also and above all because the sale of Dexia BIL is independent from the restructuring of the group in the light of the aid measures that were temporarily approved in 2011, given that the sale had already been envisaged since 2009, according to information received by the Commission, and that Dexia BIL will be legally and economically separate from Dexia.
Zato bo Komisija prodajo te družbe analizirala ločeno od prestrukturiranja skupine Dexia, in sicer ne le zaradi potrebe, da se v čim krajšem času zagotovi pravna varnost, ampak tudi in predvsem zaradi neodvisnosti prodaje družbe Dexia BIL glede na prestrukturiranje skupine ob upoštevanju ukrepov pomoči, začasno odobrenih leta 2011, ker je bila taka prodaja glede na podatke, ki jih je prejela Komisija, načrtovana že od leta 2009 in ker bo družba Dexia BIL pravno in ekonomsko ločena od družbe Dexia.
The holdings of the main shareholders in Dexia SA are as follows:
Glavni delničarji skupine Dexia SA imajo naslednje deleže:
The difficulties faced by the Dexia group during the financial crisis in autumn 2008 were described in the decision of 26 February 2010.
Težave, ki jih je imela skupina Dexia med finančno krizo jeseni leta 2008, so opisane v sklepu z dne 26. februarja 2010.
Dexia’s more recent difficulties may be summarised as follows.
Najnovejše težave skupine Dexia so povzete v nadaljevanju.
Finally, contacts with Precision Capital resulted in the start of exclusive negotiations, which was announced on 6 October 2011.
Na podlagi stikov z družbo Precision Capital je bilo 6. oktobra 2011 objavljeno, da so se začela ekskluzivna pogajanja.
A binding draft agreement on the sale of Dexia’s 99,906 % holding in Dexia BIL was concluded by a Memorandum of Understanding (hereinafter: ‘MoU’) on 20 December 2011.
Zavezujoči memorandum o soglasju v zvezi s prodajo 99,9-odstotnega deleža družbe Dexia BIL, ki ga je imela v lasti skupina Dexia, je bil sklenjen 20. decembra 2011.
According to the Commission’s understanding, the fairness opinion by a third party [19] had been established during the negotiations and before the setting of the precise conditions in the MoU dated 20 December 2011, which was notified on 23 March 2012.
Po mnenju Komisije je bilo nepristransko mnenje tretje osebe o ceni [19] pripravljeno med pogajanji in pred določitvijo natančnih pogojev memoranduma o soglasju z dne 20. decembra 2011, ki je bil predmet priglasitve z dne 23. marca 2012.
The Commission therefore had doubts about whether the fairness opinion had taken into account the exact scope of the sold businesses and the conditions of the notified measure, including the clause for the recovery of the net proceeds from the transfers by Dexia BIL and clause 3.3.5.
Komisija je zato izrazila dvom glede upoštevanja natančnega obsega prodanega dela v nepristranskem mnenju in tudi pogojev priglašenega ukrepa, vključno s klavzulo o izterjavi neto prihodka iz odprodaje s strani družbe Dexia BIL in klavzulo 3.3.5.
Dexia SA stresses that the sale of Dexia BIL is an important stage in the stabilisation of Dexia BIL after the outflows of deposits that took place at the beginning of October 2011.
Družba Dexia SA poudarja, da je odprodaja družbe Dexia BIL pomemben korak za stabilizacijo položaja družbe Dexia BIL po odlivih vlog v začetku oktobra leta 2011.
It is essential to provide confirmation as soon as possible to the parties to the transaction that the sale of Dexia BIL contains no aid.
Strankam, vključenim v transakcijo, je treba čim prej zagotoviti potrditev, da odprodaja družbe Dexia BIL ne vključuje elementov pomoči.
This urgent situation resulted in the announcement on 6 October 2011 of the planned sale of Dexia BIL and the entry into negotiations with Precision Capital.
Zaradi teh izrednih razmer sta bila 6. oktobra 2011 objavljena načrtovana odprodaja družbe Dexia BIL in začetek pogajanj z družbo Precision Capital.
Between that date and the opening of exclusive negotiations [23], no other serious expression of interest or offer was received, despite […] enquiries by other potential investors [24].
Med tem datumom in začetkom ekskluzivnih pogajanj [23] ni bila prejeta nobena prijava interesa ali resna ponudba kljub […] prijavam drugih potencialnih vlagateljev [24].
Luxembourg is also requesting that Dexia BIL no longer be subject to the conditions and commitments laid down in the Decision of 26 February 2010, or to the new restructuring and orderly resolution plan for Dexia to be drawn up under the Decision of 21 December 2011.
Luksemburg tudi zahteva, da za družbo Dexia BIL ne bi več veljali niti pogoji in zaveze iz sklepa z dne 26. februarja 2010 niti nov načrt prestrukturiranja ali nadzorovanega reševanja skupine Dexia, ki ga je treba pripraviti v okviru sklepa z dne 21. decembra 2011.
Being subject to the restructuring plan approved by the Decision of 26 February 2010 and to the conditions and commitments provided for by the plan is linked to Dexia BIL belonging to the Dexia group, which is identified as the sole beneficiary of the aid granted in previous decisions.
Veljavnost načrta prestrukturiranja, ki je bil odobren s sklepom z dne 26. februarja 2010, ter pogojev in zavez iz zadevnega načrta je povezana s pripadnostjo družbe Dexia BIL skupini Dexia, ki je edina upravičenka dodeljenih pomoči iz navedenih sklepov.
The Commission notes that the sale of Dexia BIL was subject to a first fairness opinion by a third party on 10 December 2011, which was updated on 30 May 2012.
Komisija ugotavlja, da je bilo v zvezi s prodajo družbe Dexia BIL prvo nepristransko mnenje tretje osebe o ceni predloženo 10. decembra 2011, dopolnjeno pa je bilo 30. maja 2012.
The evaluations were carried out using three different methods: (i) discounted cash flows to equity on the basis of the cash flow distributable to shareholders, subject to compliance with the Core Tier 1 regulatory ratios; (ii) price-to-book ratio, on the basis of excess profitability in relation to the cost of capital; (iii) comparable listed companies.
Ti dve mnenji sta bili pripravljeni na podlagi treh različnih metod: (i) metode diskontiranih denarnih tokov lastnikom podjetja na podlagi tokov, ki se dodelijo delničarjem ob upoštevanju deležev, ki so določeni za navaden lastniški temeljni kapital; (ii) metode kazalnika P/B na podlagi čezmerne donosnosti glede na strošek kapitala; (iii) metode primerjave s konkurenčnimi podjetji na borzi.
The TFEU also introduced certain changes in terminology, such as the replacement of ‘Community’ by ‘Union’, ‘common market’ by ‘internal market’ and ‘Court of First Instance’ by ‘General Court’.
S PDEU so bile uvedene tudi nekatere spremembe terminologije, besedo „Skupnost“ je na primer nadomestila beseda „Unija“, besedno zvezo „skupni trg“„notranji trg“, besedno zvezo „Sodišče prve stopnje“ pa „Splošno sodišče“.
The terminology of the TFEU is used throughout this Decision.
V tem sklepu se uporablja terminologija iz PDEU.
The discounted cash flows to equity method on the basis of the cash flow distributable to shareholders, subject to compliance with the core tier 1 regulatory ratios. (ii) The price to book ratio method, on the basis of excess profitability in relation to the cost of capital. (iii) The comparable listed companies method.
Metoda diskontiranja „denarnih tokov v lastniški kapital“ na podlagi tokov, ki se dodelijo delničarjem ob upoštevanju izpolnjevanja količnika navadnega lastniškega temeljnega kapitala; (ii) metoda „kazalnika P/B“ na podlagi čezmerne donosnosti glede na strošek kapitala; (iii) metoda primerjave s konkurenčnimi podjetji na borzi.
OJ C 18, 23.1.2010, p. 9.
UL C 18, 23.1.2010.
Judgment in Joined Cases T-415/05, T-416/05 and T-423/05 Olympic Airlines v Commission, paragraph 135.
Sodba Sodišča v združenih zadevah T-415/05, T-416/05 in T-423/05, Olympic Airlines proti Komisiji, točka 135.
Commission Decision of 12 November 2008, State Aid N 510/2008. Sale of assets of the airline Alitalia, OJ C 46, 25.2.2009, p. 6.
Odločba Komisije z dne 12. novembra 2008 v zvezi z državno pomočjo N 510/2008 – Italija – postopek prodaje sredstev letalske družbe Alitalia, UL C 46, 25.2.2009, str. 6.
Caisse des Dépôts et Consignations
Caisse des Dépôts et Consignations (CDC)
on the adoption of the Rules to ensure consistent verification of the existence and legal status of participants, as well as their operational and financial capacities, in indirect actions supported through the form of a grant under the Seventh Framework Programme of the European Community for research, technological development and demonstration activities and under the Seventh Framework Programme of the European Atomic Energy Community for nuclear research and training activities
o sprejetju pravil za zagotovitev doslednega preverjanja obstoja in pravnega statusa ter poslovnih in finančnih sposobnosti udeležencev pri posrednih ukrepih, ki prejemajo podporo v obliki donacij v okviru sedmega okvirnega programa Evropske skupnosti za raziskave, tehnološki razvoj in predstavitvene dejavnosti ter sedmega okvirnega programa Evropske skupnosti za atomsko energijo za dejavnosti na področju jedrskih raziskav in usposabljanj
Having regard to Regulation (EC) No 1906/2006 of the European Parliament and of the Council of 18 December 2006 laying down the rules for the participation of undertakings, research centres and universities in actions under the Seventh Framework Programme and for the dissemination of research results (2007-2013) [1], and in particular Article 16(4),
ob upoštevanju Uredbe (ES) št. 1906/2006 Evropskega parlamenta in Sveta z dne 18. decembra 2006 o določitvi pravil za udeležbo podjetij, raziskovalnih središč in univerz pri ukrepih v okviru Sedmega okvirnega programa in razširjanju rezultatov raziskav (2007–2013) [1] ter zlasti člena 16(4) Uredbe,
Having regard to Council Regulation (Euratom) No 1908/2006 of 19 December 2006 laying down the rules for the participation of undertakings, research centres and universities in action under the Seventh Framework Programme of the European Atomic Energy Community and for the dissemination of research results (2007 to 2011) [2], and in particular Article 15(4),
ob upoštevanju Uredbe Sveta (Euratom) št. 1908/2006 z dne 19. decembra 2006 o določitvi pravil za udeležbo podjetij, raziskovalnih središč in univerz pri ukrepih v okviru Sedmega okvirnega programa Evropske skupnosti za atomsko energijo in pri razširjanju rezultatov raziskav (2007–2011) [2] ter zlasti člena 15(4) Uredbe,