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EU Court Orders Italian State To Recover Alcoa Inc Aid-Reuters

Thursday, 17 Oct 2013 12:00pm EDT 

Reuters reported that Europe's highest court ordered Italy on October 17, 2013 to take back about EUR295 million ($398 million) of state aid given to Alcoa Inc in the previous decade in the shape of a preferential power tariff. The judgment upholds a decision by the European Commission four years ago, when it said the tariff for Alcoa's Italian arm was illegal because it gave the Company an unfair advantage over rivals. The EU competition authority took Italy to court after it failed to claw back the aid. In its ruling, the Luxembourg-based European Union Court of Justice (ECJ) agreed with the EU competition authority. 

Company Quote

21 Nov 2014