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. Last Updated: 07/27/2016

EC Eyes Holzmann

BRUSSELS, Belgium -- The European Commission is expected to make an announcement on German state aid to rescue construction firm Philipp Holzmann AG next week, a commission spokesman said Monday.

Michael Tscherny said the rescue plan was on the commission's agenda for Jan. 18, but declined to comment on a report in German newspaper S?ddeutsche Zeitung that said the European Union's competition watchdog had doubts the aid was compatible with EU rules and would start a full probe.

The 4.3 billion Deutsche mark ($2.27 billion) salvage of Holzmann is hugely political because of the firm's size, the second largest in the sector, and due to the involvement of Chancellor Gerhard Schr?der.