EDF Ordered by EU to Repay $1.5 Billion French Tax Subsidy

Electricite de France SA was ordered to repay 1.37 billion euros ($1.5 billion) to French authorities as the European Union’s competition regulator clamps down on corporate tax loopholes.

EDF got an unfair advantage from a 1997 tax exemption amounting to about 889 million euros plus 488 million euros in interest, the European Commission said in an e-mailed statement. EDF’s shares fell as much as 2.8 percent in Paris trading after the EU announcement.