The group, which last month issued its third profit warning since July, said it had announced in December plans to further cut costs but that it was premature to provide details.

"The group denies information reported by Le Figaro," a group spokesman said.

"On Dec. 18, the group said that its situation and the deteriorating competitive climate required additional cost cutting actions and a significant reduction of its investment plan" he said.

"A strengthening of these actions on costs will be submitted to staff representatives...nothing has been decided yet" he added.

(Reporting by Dominique Vidalon)