No major conditions on Renault's state-backed loan, chairman says - Metro US

No major conditions on Renault’s state-backed loan, chairman says

Chairman of Renault SA Jean-Dominique Senard attends a news conference at French carmaker Renault headquarters in Boulogne-Billancourt

PARIS (Reuters) – France has not attached any major conditions to a 5 billion euro ($5.6 billion) state-backed loan for Renault, the carmaker’s chairman said on Tuesday, although the finance minister called on the company to hold “exemplary” talks with unions.

Renault <RENA.PA> last week unveiled plans to cut about 15,000 jobs worldwide, including 4,600 in France where the company will seek voluntary departures and use retirement schemes.

The announcement sparked weekend protests at some factories, including at Maubeuge in northern France, although Renault Chairman Jean-Dominique Senard has pledged the site will not be closed.

Finance minister Bruno Le Maire said on Tuesday the government wanted Renault’s northern France sites to become “centres of excellence”.

Senard also told franceinfo radio that Renault aimed to present a new strategic plan, including the vision for its brands, by the end of the year, after a new CEO comes on board.

(Reporting by Sarah White; Writing by Matthieu Protard; Editing by David Goodman and Mark Potter)

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