PARIS (AP) — Renault says it is seeking billions in state-backed loans, cancelling its dividend for 2019 and its chairman is taking a pay cut, as the French automaker tries to weather the coronavirus crisis.
Jean-Dominique Senard’s pay will be cut by 25% for the second quarter of 2020. But interviewed Friday on RTL radio, the chairman of the board of directors declined to say how much in monetary terms the cut would cost him.
The company will cancel 300 million euros ($325 million) worth of dividends that had been intended to be paid to shareholders for last year.
Senard said Renault isn’t seeking to be nationalized but is working to secure state-backed bank loans to cushion the shock of the coronavirus crisis that has slammed demand for vehicles and shut down production.
He said the loan amounts haven’t been fixed but could be as much as 4-5 billion euros (up to $5.4 billion).
Before you consider Renault, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Renault wasn't on the list.
While Renault currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
