State aid: Recent developments

State aid: Recent developments

In the last year there have been several high profile fiscal state aid cases. Recent cases in the Netherlands and Luxembourg have been widely publicised and more investigations into tax rulings have been announced. Most recently the Belgian “excess profit” scheme was announced to be considered illegal state aid.

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M&A Matters - State Aid - Recent Developments

In this article we focus on what these cases imply in an M&A context - in particular, we consider how will due diligence exercises and SPA negotiations could be affected.

Read the full article in the M&A Matters Spring edition PDF to hear more on:

  • What is illegal fiscal state aid?
  • Consequences of illegal state aid
  • Recent cases
  • What to look out for in a due diligence?
  • SPA considerations 


For more information, please contact: 

John Cox

Partner, KPMG in the UK 

Mareska Suzuki

Manager, KPMG in the UK

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