The EU Court of Justice rules in two State aid cases regarding the pension scheme of the French incumbent telecom company (Orange)

Pensions, public statements and private investors* Introduction This article reviews two court judgments both of which concern Orange, the French incumbent telecoms operator. The first judgment finds that compensation for the extra costs of pensions of Orange employees with civil service status is State aid. This should be contrasted to the judgment of the General Court of 14 July 2016, which found that compensation for the extra costs of pensions of employees of Deutsche Post was not State aid. The second judgment is the last instalment of a long saga that started in 2002 when France Télécom, the predecessor of Orange, was in financial trouble and the French government declared its readiness to save the company. The Commission thought that the public statements by the French

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