Part 3: Exemptions Chapter 2: Minimal and SPEI financial assistance Section 40: Mergers and acquisitions
In the case of mergers and acquisitions, all prior minimal or SPEI financial assistance subsidies granted before the merger or acquisition should be taken into account when calculating the sum total of exempted subsidy the ‘single enterprise’ has received.
	Equally, where a ‘single enterprise’ separates into two or more enterprises, the enterprise taking over the activity in respect of which the minimal or SPEI financial assistance subsidy was granted should be allocated the subsidy value. Where that is not possible, the subsidy value is to be allocated proportionately between the new enterprises at the effective date of their separation.