In the alternative, the French authorities pointed out that they disputed the amount of aid and reiterated their comments of 20 November 2003 to the effect that the rate of the relevant tax to be applied should be the 1996 rate and not the 1997 rate, as set out in recital 47.
L'État aurait donc estimé les projections futures de rémunération avant de procéder à l'adoption de la mesure en cause, comme tout actionnaire souhaitant participer à l'augmentation de capital de son entreprise.