Year: 2020

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Germany Will Take Lufthansa Stake in Landmark $9.8 Billion Bailout

May 25, 2020 admin Comments Off on Germany Will Take Lufthansa Stake in Landmark $9.8 Billion Bailout

(Bloomberg) — Germany will offer Deutsche Lufthansa AG a 9 billion-euro ($9.8 billion) bailout that thrusts the state back into the heart of a company privatized with fanfare two decades ago.The aid package involves taking an initial 20% stake that could rise to a blocking minority of 25% plus one share in the event of a hostile takeover, the carrier said in a statement on Monday. The plan, which requires European Union approval and will almost certainly be challenged by rival airlines such as Ryanair Holdings Plc, gives Germany an effective veto over company strategy.German Finance Minister Olaf Scholz said …read more […]

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French carmaker Renault could close plants and cut jobs – union

May 25, 2020 admin Comments Off on French carmaker Renault could close plants and cut jobs – union

French carmaker Renault could unveil job cuts and plants closures on Thursday as the company looks to save 2 billion euros ($2.2 billion) in costs, a representative for far-left union CGT said on Monday. Renault has called for a meeting with unions on Thursday regarding its cost-saving plans, the representative said. “This is when the general management will formalise what it calls a 2 billion (euro) cost-cutting plan, in which further staff reductions and even site closures can be expected,” CGT representative Fabien Gache said in a video posted online. …read more […]