French automaker Renault cuts dividends following coronavirus crisis: source

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FILE PHOTO: The logo of the car manufacturer Renault is photographed at a dealership in Orvault, near Nantes, France, on February 19, 2020. REUTERS / Stephane Mahe

PARIS (Reuters) – The board of directors of French automaker Renault has decided to cancel its dividend on 2019 results in light of the coronavirus crisis, a source familiar with the matter told Reuters on Thursday.

The chairman of the Renault board of directors, Jean-Dominique Senard, and the acting managing director, Clotilde Delbos, will reduce their remuneration by 25% in the first quarter and will do the same in the second quarter if the coronavirus crisis continues, a also indicated the source.

Several car manufacturers like Michelin (MICP.PA) and Ford (F.N) have already decided to reduce or suspend the dividends on the 2019 results in order to preserve cash in the current crisis.

Renault, which is 15% state-owned, previously offered to pay a dividend of 1.1 euros per share which had already been reduced by two-thirds of the payment of 3.55 euros per share on 2018 results.

Report by Gilles Guillaume; Scripture by Matthieu Protard; edited by David Evans

Our standards:Principles of the Thomson Reuters Trust.

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