The European Competition Commission (ECC) is understood to have welcomed Bull’s re-capitalization package agreed last week, despite the fact that the French state has agreed to give up 90% of the E490 million ($583.6 million) loan.
The ECC only agreed to the after the French government promised to reclaim the full amount by June 2003. When it became clear the French had not carried out the promised action, the Commission finally lost patience and decided to take the French government to the European Court of Justice.
However, the ECC has yet to formally file the case.
The European Union regulators had stated that they were weighing up Bull’s latest financial restructuring plans and were looking closely at legal developments in the context of the new financing plan.
Rumors suggest ECC officials are split between those outraged over France’s failure to reclaim the money, and those sympathetic to French claims the re-capitalization penalizes both public and private shareholders.
This article was based on material originally published by ComputerWire.
