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France’s Renault reaches deal on 5 billion euro state-backed loan: sources

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French carmaker Renault has sealed a deal with banks on a 5 billion-euro (US$5.47 billion) state-guaranteed loan to help the company to cope with the coronavirus outbreak, two sources close to the matter told Reuters on Tuesday.

FILE PHOTO: The logo of Renault carmaker is pictured at a dealership in Les Sorinieres, near Nantes, France, February 19, 2020. REUTERS/Stephane Mahe/File Photo

20 May 2020 12:10AM

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PARIS: French carmaker Renault has sealed a deal with banks on a 5 billion-euro (US$5.47 billion) state-guaranteed loan to help the company to cope with the coronavirus outbreak, two sources close to the matter told Reuters on Tuesday.

The state-guaranteed loan, which Renault had been working on for about a month, should be submitted shortly to the board of directors, the sources said, before being approved formally by the economy ministry.

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A Renault spokesman was not available immediately for a comment.

The firm, which posted a loss in 2019 and had been strugRead More – Source