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European Union regulators Wednesday launched an investigation into public funding of €39 million ($53 million) to an investment project by a Hungarian subsidiary of Japan's IBIDEN Co. Ltd.
“We need to assess thoroughly whether the aid would unduly reinforce the competitive position of IBIDEN,” said Neelie Kroes, the EU's antitrust commissioner. The state money is destined to support a IBIDEN Hungary Gyártó Kft plant making products used in car exhausts in the Dunavarsány Industrial Park in central Hungary. In a statement, the European Commission said it “has doubts as to the compatibility of the proposed aid with EU state aid rules.” (businessweek.com)