EC report on Lubeck airport subsidies expected soon, says Infratil

BUSINESSDESK: The European Commission is expected to reveal the findings of a five-year investigation into alleged state aid to Lubeck Airport in Germany by the end of 2012 or early in 2013, former owner Infratil says.

The update was provided in a prospectus for a bond sale by Infratil. The commission began investigating alleged state aid to Lubeck airport in 2007.

The airport was owned and operated by Flughafen Lubeck GmbH, one of the Infratil's subsidiaries at that time, though Infratil later sold its interest back to the City of Lubeck.

The commission is investigating eight German airports and Infratil says it understands a significant number of others elsewhere in the European Union are also under investigation.

The price Infratil Airports Europe Ltd paid when it bought Flughafen Lubeck GmbH and the put option exercised when the asset was sold back in 2009 are among the issues being investigated.

IAEL maintains its position that the purchase of 90% of the airport was the result of an open and transparent tender process.

If it is found to have received state aid it will be required to refund it with interest.

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