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Austria: Up to € 11.7bn for Downsizing Hypo Group

People ♦ Published: September 4, 2013; 13:30 ♦ (Vindobona)

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Years of discussion went by; now the EU Commission has approved the downsizing plan for nationalized Hypo Alpe Adria.

Austria: Up to € 11.7bn for Downsizing Hypo Group / Picture: © Wikipedia / JJ55 (30 March 2008)

This was announced on Tuesday by EU Commissioner for Competitiveness Joaquin Almunia. The deadline for the selling of the Balkan affiliates of the bank was extended. Instead of the end of this year, the sale, including the signing of the contract and the change of ownership, was postponed to mid-2015.

At the same time, the Commission approved the state aids granted so far in the…