BRUSSELS, Dec 4 (Reuters) - European competition regulators on Friday approved a total of 2.39 billion euros ($2.60 billion) of Italian state aid to Poste Italiane for fulfilling its public service mission to deliver basic postal services across the country.
The Italian government, which holds a 61.8 percent stake in Italy’s largest provider of postal services, plans to compensate Poste Italiane 1.05 billion euros for providing postal services at affordable prices and at certain minimum quality requirements between 2016 and 2019.
In addition, Italy still needs to pay compensation for the period from 2012 to 2015, meaning Poste Italiane would get another 1.34 billion euros.
The European Commission approved the compensation because it will not exceed the cost of fulfilling the public service mission and the amount of aid decreases over time.
$1 = 0.9206 euros Reporting by Julia Fioretti; editing by Foo Yun Chee