Post by Alonso_Ferrari on Feb 10, 2009 17:05:14 GMT
The French carmaker Renault, who contests the Formula One World Championship with a team based at Enstone, will receive a government cash injection amid the global financial crisis.
As well as Peugeot-Citroen, Renault is to receive three billion Euros, in exchange for the manufacturers' pledge to keep factories open and workers in jobs, French President Nicolas Sarkozy announced.
"This is not a gift. It is not a subsidy. It is a loan offered at an interest rate of six percent," Sarkozy insisted.
The loans run for a five year period.
Shares in both companies were sharply up on the news.
E.A, Source: GMM
As well as Peugeot-Citroen, Renault is to receive three billion Euros, in exchange for the manufacturers' pledge to keep factories open and workers in jobs, French President Nicolas Sarkozy announced.
"This is not a gift. It is not a subsidy. It is a loan offered at an interest rate of six percent," Sarkozy insisted.
The loans run for a five year period.
Shares in both companies were sharply up on the news.
E.A, Source: GMM