Mitsubishi Motors logo

7211 - Mitsubishi Motors News Story

¥225 1.0  0.5%

Last Trade - 7:00am

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £2.42bn
Enterprise Value £3.10bn
Revenue £14.22bn
Position in Universe 313th / 3863

UPDATE 1-Renault finalises 5 billion euro state-backed loan

Wed 3rd June, 2020 7:56am
(Adds details and background)
    PARIS, June 3 (Reuters) - Renault  RENA.PA  finalised on
Wednesday a 5 billion euro ($5.60 billion) loan from with the
French government, strengthening the carmaker's finances in the
wake of the coronavirus pandemic which has ravaged the auto
industry.
    Renault said that the credit facility carried a guarantee
from the French state - which owns a 15% stake in Renault - of
up to 90% of the total amount borrowed.
    Banks BNP Paribas  BNPP.PA , Credit Agricole  CAGR.PA , HSBC
France  HSBA.L , Natixis  CNAT.PA  and SocGen  SOGN.PA  were
involved in the credit deal.
    Renault also said in a statement that the loan would help
finance the company's liquidity requirements.
    The carmaker announced last week plans to cut about 15,000
jobs worldwide, including 4,600 in France, where the company
will seek voluntary departures and use retirement schemes.
 urn:newsml:reuters.com:*:nL8N2DB0UY
    The announcement sparked weekend protests at some factories,
including at Maubeuge in northern France, although Renault's
chairman Jean-Dominique Senard has pledged the site will not be
closed.  urn:newsml:reuters.com:*:nL8N2DD0AY
     
 ($1 = 0.8925 euros)

 (Reporting by Sudip Kar-Gupta and Matthieu Protard
Editing by Keith Weir and Louise Heavens)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.