Orange : to Recover EUR2.2 Billion Following Tax-Dispute Ruling

By Joshua Kirby

Orange SA said Friday that it welcomed a decision in its favor from France's highest administrative court regarding a long-running tax dispute.

Following the decision from the State Council, the French telecommunications company will recover 2.2 billion euros ($2.6 billion) that it had paid in 2013 as part of the near decadelong dispute. The funds will be used for purposes including an employee share scheme and greater social commitments amid the current health and economic crisis, Orange said. The payment, which won't be subject to tax, will be recorded as current tax income and will help bring down Orange's net debt.

The decision definitely closes the tax dispute case, Orange said.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

11-13-20 1107ET