According to Belgium, FSIH's investment in DLP was made pari passu with that of DII given that: (i) the amounts invested by the private partner and the public partner are practically identical; (ii) DLP did not belong to the Duferco Group before this investment but was established specifically to serve as a vehicle to house the respective investments of FSIH and DII, and (iii) the goal of the investments was not to buy back assets that already belonged to the Duferco Group (but to SIF).
KPMG a considéré que la participation du FSIH dans Duferco US devait être évaluée en tant que participation qui ne confère pas de contrôle et qui n'est pas négociable, tout en appliquant une prime de contrôle, étant donné que la convention des actionnaires du 9 avril 2003 conférait au FSIH une influence significative sur Duferco US au-delà de l'influence dont dispose un actionnaire minoritaire.