On 30 June 2025, the European Commission published its decision concluding a major State aid investigation concerning Deutsche Bahn AG and its subsidiary, DB Cargo. E.CA Economics have supported Gleiss Lutz in advising the Federal Republic of Germany and Deutsche Bahn throughout this complex process, which resulted in the Commission approving measures worth EUR 1.9 billion to facilitate DB Cargo’s transformation.

The formal investigation, launched in January 2022 and following a competitor’s complaint, examined four measures implemented by DB AG, inter alia profit and loss transfer agreements between DB AG and DB Cargo. E.CA Economics contributed different economic analyses, in particular regarding the market economic operator principle. The European Commission largely followed the arguments put forward by Germany, DB AG, and their advisers, finding that none of the measures constituted notifiable aid for the periods covered by the opening decision.

This decision is a significant signal for the rail freight sector and offers guidance for state-owned enterprises. We are pleased to have contributed our expertise to this important matter, helping clarify the boundaries of State aid in complex corporate structures.

The project was led by Directors Hans W. Friederiszick and Anselm Mattes, supported by Alexander Paul and Michael Tröge.

Further details can be found on the website of the European Commission: Link

For additional information, please contact:

Kai Dahlke
press officer
communiction@e-ca.com