France builds 20 billion euro fund to help recapitalize “national champions” | New

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PARIS (Reuters) - Le gouvernement français a mis de côté 20 milliards d'euros (21,7 milliards de dollars) pour aider à injecter des capitaux dans les grandes entreprises qui luttent pour survivre à la crise des coronavirus, a déclaré vendredi le ministre des Finances Bruno Le Maire.

The Mayor has repeatedly pledged to help French business champions get through the coronavirus crisis by taking stakes in it or even going as far as nationalization if necessary.

“We have decided to credit the fund, to put 20 billion euros in the special fund to support the capital of businesses that need it, whether public or private,” Le Maire said on Europe 1 radio.

The funds are earmarked for a package of crisis measures that The Mayor more than doubled on Thursday to 100 billion euros and which should be submitted to Parliament next Wednesday for approval.

Air France KLM tops the list of companies likely to need public funds , who said on Thursday that he expects the French and Dutch states to help him meet his cash needs with air travel stopped.

“As far as Air France is concerned, we are ready for, when the time comes, no doubt soon, to support Air France and ensure that this French industrial champion … recovers quickly,” said Le Maire.

Sources told Reuters that Air France-KLM is in talks with banks to receive up to € 6 billion in loans guaranteed by the French and Dutch governments, an amount the Minister of Transport has called “no unrealistic. “

Meanwhile, other companies that have stopped trading are seeking to exploit bank credit first, rather than rushing to the state for new capital.

Renault President Jean-Dominique Senard said Friday that the automaker, in which the French state holds 15% of the capital, could apply for bank loans worth 4 to 5 billion euros.

(Report by Leigh Thomas. Edited by Jane Merriman)

    

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