The German press manufacturer last week was told it would receive a €300m loan, plus guarantees for about €500m of a new €550m financing line.

The news prompted rivals KBA and Manroland to warn of possible "competitive imbalances".

However, in today's PrintWeek, a Heidelberg spokesman refuted the claims: "We did not receive a gift, we received a loan and a guarantee at market conditions that has to be repaid. The government did not provide any grant, subsidy or injection of capital," he said.

"The conditions attached are usual bank conditions. The interest and fees that Heidelberg has to pay for the loan and the guarantee are at today's market level."

The spokesman added that the company had now established a financing structure that will "secure the group's finances for the next three years".

There had been speculation in the press that Heidelberg would have collapsed if the loan had not been granted. The spokesman said it woud "not participate in such speculation".

He added: "It is important to note that government support is only granted to companies that have proven their strategy is compelling and consequently their business prospect is sustainable."