EU approves 1.3 billion euros state compensation to Poste Italiane

FILE PHOTO: Poste Italiane headquarters is seen in Rome, Italy, May 30, 2016. REUTERS/Alessandro Bianchi/File Photo

BRUSSELS (Reuters) – The European Commission authorised on Monday compensation of 1.3 billion euros (1.16 billion pounds) to Poste Italiane granted by the Italian government to fulfil the company’s public service mission, the EU executive said in a statement.

The state funding covers the 2020-2024 period, with a maximum annual compensation of 262 million euros to the post office.

“Ensuring access to postal services is essential for all European citizens and businesses. Today’s decision enables Poste Italiane to continue delivering basic postal services across the Italian territory at affordable prices, without unduly distorting competition,” EU antitrust commissioner Margrethe Vestager said.

($1 = 0.8354 euros)

Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop

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