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EU Approves Aid for Merloni Jan 29, 2009 |
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The European Commission approved a €68 million (approx US$89.8 million) loan guarantee to rescue Italian appliance maker Antonio Merloni. The appliance maker has been hit hard by rising costs of raw materials and mounting debts, according to a Reuters report.
"I am satisfied that our quick response will allow the company to overcome this time of difficulty without any undue distortion of competition so that its important role in the economy of the regions concerned will be safeguarded," EU Competition Commissioner Neelie Kroes said in the report.