France Telecom management rejects call to cut dividend

Nieuws Algemeen Frankrijk 11 APR 2012
France Telecom management rejects call to cut dividend
France Telecom-Orange CEO Stephane Richard opposes a worker-proposed plan to reduce the 2011 dividend from EUR 1.40 to EUR 1 per share, Bloomberg reports. The company's performance gives it the ability to pay EUR 1.40 and shareholders deserve the same payout as last year, Richard said. Employee investment fund Adeas, which owns some 5 percent of shares, said a lower dividend would boost investments. Shareholders are due to vote on the dividend at the group's AGM on 5 June. France Telecom expects to pay between EUR 1.21 and EUR 1.35 a share in 2012, a year in which it will shun acquisitions and hoard cash because of the ongoing debt crisis, Bloomberg writes.

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