The Commission has allowed a State aid injection of ECU 15.7bn
(£23bn) in return for the restructuring of the State-owned French
insurance group GAN.
The Commission has demanded that the French
- sell CIC (GAN's banking arm) and GAN by next June at the
- sell UCI and UIS, GAN's property interests, between now and the
end of 1998;
- sell stakes in other businesses worth ECU 1.6bn (£2.3bn) and
reduce GAN's international interests by 50% within a year of
- ensure that potential buyers of GAN and its subsidiaries be
selected according to their ability to maximise receipts while also
guaranteeing the long-term viability of the businesses.
Several insurance groups have expressed an interest
in acquiring GAN.