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Dec. 3, 2020, 1:43 a.m. EST

Orange may use tax gain for extraordinary dividend

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By Olivia Bugault

Orange said late Wednesday that it intends to use the roughly 2.2 billion euros ($2.67 billion) that it has received following the resolution of a tax dispute to strengthen its development and for a potential extraordinary dividend.

The French telecommunications company said its board met on Dec. 2 to discuss the allocation of the funds. The board is favorable to the use of nearly a quarter of the amount to boost Orange's network position in France and internationally, while another quarter of the received amount would support the company's operational transformation. Orange announced a conditional public takeover offer for shares it doesn't yet own in Orange Belgium and intends to use part of the funds to finance it.

The board of directors also "favorably considered" the possible distribution of an extraordinary dividend of EUR0.20 per share. "The final decision will be made at the board of directors meeting held to approve the 2020 accounts and will then be submitted to the shareholders' meeting for approval," Orange said.

Write to Olivia Bugault at olivia.bugault@wsj.com

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