Orange has received the sum of EUR 2.2 billion that it expected to recoup following the recent favourable court ruling secured in France over a long-running tax dispute. The group's board of directors met on 02 December and reacted positively to proposals allocating these funds to projects focused on the company, its employees and shareholders.
Nearly a quarter of the amount will be invested in networks, both in France and internationally, benefitting customers and the group's ecological transition strategy. Another quarter has been earmarked to support operational transformation and improve business performance.
The remaining funds will be distributed across several initiatives. Among them, Orange announced the launch of a voluntary public takeover offer for all the shares of Orange Belgium that it does not yet own. The plan will be submitted to the Belgian financial services authority for approval.
The group's board of directors has also examined the outline of an employee share scheme in France and internationally, for a total volume of around 30 million shares. This scheme could be implemented from next year and would aim to increase employee shareholding to 10 percent in the future.
For the group’s shareholders, the board has looked favourably on a proposed extraordinary dividend of EUR 0.20 per share, which will be considered by directors at the meeting scheduled to approve the 2020 accounts.
Additionally, an exceptional grant will be awarded to the Orange Foundation’s budget for 2021 and a portion of the available funds will be allocated to several projects focused on the group's social commitments, including its target to achieve carbon neutrality by 2040. Any residual balance will reduce the company’s net debt.
