Deutsche Post responds to press coverage of state aid repayment request
In its issue of 19 November 2002 Handelsblatt reported that according to information from Brussels Deutsche Post would have to repay state aid to the Federal Government in the amount of just over EUR 900 million, instead of the just under EUR 850 million initially planned.
In this regard Deutsche Post has issued the following statement:
Deutsche Post has received a payment request for EUR 906 million (including interest) from Germany’s Federal Ministry of Finance. The company intends to take legal action against this administrative act as it is of the opinion that the amount of interest applied has not been calculated correctly. Until now, the claim amounted to just under EUR 850 million based on a detailed calculation of interest submitted by the Federal Ministry of Finance. Deutsche Post had already made provisions in its balance sheet for the first half of 2002 to cover a repayment of EUR 850 million.
Press Contacts:
Deutsche Post World Net
Press Office
Norbert Schäfer
Phone: +49 228 / 182 – 99 88
Fax: +49 228 / 182 – 98 22
eMail: [email protected]
AP Worldstream
Germany’s Deutsche Post on Tuesday protested a demand by the government that it pay back 906 million euros (US$916 million) in state aid under a European Union ruling, a sum that exceeded the amount it had set aside.
The EU’s executive Commission in June ordered that Deutsche Post, Germany’s main mail company in which the government still holds a majority stake, repay 572 million euros (US$578) plus interest, saying the firm used profits from its legal monopoly on mail delivery to offer door-to-door parcel delivery services below c st shares were little changed, rising 0.5 percent to 11.43 euros (US$11.52) in morning trading on the Frankfurt exchange.
