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Dexia Sale of Luxembourg BIL Unit Approved by EU Regulators

Dexia SA’s sale of its Banque Internationale a Luxembourg unit won European Union approval after antitrust regulators said the deal didn’t create any competition issues.

The sale of the Luxembourg unit of Dexia “didn’t lead to any economic advantage financed through state aid, either for Dexia BIL or for Dexia group,” the European Commission in Brussels said in a statement today. “The sale doesn’t constitute state aid.”

The decision concludes a probe into the Luxembourg unit’s sale terms started in April. The commission said other probes concerning Dexia state aid are ongoing.

Luxembourg Finance Minister Luc Frieden welcomed the EU’s decision, according to an e-mailed statement by his government.

The commission’s approval is “the final procedural step” before the implementation of the deal “that will finally allow the BIL exit from Dexia,” according to the Luxembourg government’s statement.

Under an agreement signed last year, Precision Capital of Qatar will buy 90 percent of BIL and Luxembourg will own the rest.

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