Renault loan still not signed, site closures must be last resort: Le Maire

Renault loan still not signed, site closures must be last resort: Le Maire

French Finance Minister Bruno Le Maire on Thursday said that the government had yet to sign off on a planned 5 billion euro (US$5.5 billion) loan for Renault , and that the carmaker's site closures and job cuts could only ever be a last resort.

French PM holds presser over latest decisions on lifting of lockdown from Monday
French Economy and Finance Minister Bruno Le Maire speaks during a presentation of the details for the end of the country's COVID-19 lockdown in Paris, France, May 7, 2020. (File photo: Reuters/Christophe Archambault)

PARIS: French Finance Minister Bruno Le Maire on Thursday said that the government had yet to sign off on a planned 5 billion euro (US$5.5 billion) loan for Renault , and that the carmaker's site closures and job cuts could only ever be a last resort.

"The closure of a site must only be a last resort," Le Maire told France 2 television.

French President Emmanuel Macron this week said that the government, which has a 15per cent stake in Renault, would not sign off on the state loan until management and unions had concluded talks over the company's French workforce and sites.

(Reporting by Sudip Kar-Gupta; Editing by David Goodman)

Source: Reuters

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