French govt appeals EU court ruling on France Telecom state aid - report |
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Published
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Fri, 19 Oct 2007 07:39
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PARIS (Thomson Financial) - The French government has lodged an appeal against the European Court of Justice's ruling that France Telecom must repay up to 1.14 bln eur in state aid, La Tribune reported, without naming its source.The paper also quoted France Telecom as saying it is 'analysing the consequences of this decision', which requires the French state to demand the money from a group in which it still holds a 27.4 pct stake.It said the legal process concerning what the commission claims is 798 mln-1.14 bln eur of unpaid business tax will not come to an end until next year.France Telecom shares were unmoved by the ruling yesterday.Natixis analysts, who have an 'add' recommendation on the stock, estimate the impact of repayment at 0.7 eur per share and said France Telecom has so far made no provision for the risk.According to La Tribune, France Telecom's reference document filed with the regulator describes the risk as a 'potential liability'.Nobody at France Telecom was available to comment yesterday or today.tfn.paris@thomson.commrg/akCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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EU court backs EU Commission ruling that France Telecom must repay aid UPDATE 