Tapie wins EUR285m payout over Adidas sale

FRANCE: Tapie wins EUR285m payout over Adidas sale

Author: just-style.com | 29 July 2008

Colourful French tycoon Bernard Tapie has been awarded a EUR285m (US$450m) payment from the French Government 13 years after the sale of his Adidas sports goods group.

France's Finance Ministry has confirmed that it will not appeal against the decision to award the payment, made by a three-person tribunal earlier this month.

The tribunal considered claims against collapsed State-owned bank Credit Lyonnais, which handled the sale of Adidas when Tapie was appointed as a Government Minister in 1992, agreeing a price of about EUR400m.

However, Tapie claimed in court that the bank had agreed to sell the company on to businessman Robert-Louis Dreyfus for "a much higher price" in 1995.

Tapie, the 65-year-old former owner of Olympique Marseille Football Club who was once jailed over corruption charges, has since found renewed fame as a chat show host and was said to be delighted with the payout.

France's Finance Ministry said it had decided that it would not be in its "financial interests" to mount an appeal against the ruling, despite widespread condemnation of the decision by Socialist politicians in particular.

Sectors: Apparel, Footwear

Companies: Adidas