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France to loan Peugeot, Renault 3 bln euros each
France on Monday pledged 3 billioneuro ($3.89 billion) loans for struggling car makers PSA Peugeot Citroen (PEUP.PA) and Renault (RENA.PA), saying the two companies had promised to safeguard French jobs in return.
French President Nicolas Sarkozy also promised more help for carmakers' financing units as well as pledging to double afund to support struggling auto suppliers, but the conditions imposed in return for state help met with criticism from other EU nations.
Some of France's EU partners have already protested efforts by President Nicolas Sarkozy to protect French factories from the impact of the economic crisis and the European Commission said it would scrutinise his auto plan.
'Above all, we must take care that we do not become protectionist so Germans only want to buy German cars and French people only (want to buy) French and Americans only (want to buy) American steel. We know from past crises we need open markets,' Germany's chancellor, Angela Merkel, said on Monday in a speech to diplomats in Berlin.
France is the latest European country to pledge to help its automakers. Italy on Friday promised 2 billion euros for the flagging sector.
Sarkozy offered France's two carmakers a total 6 billion euros in five-year, 6 percent interest rate loans to fund investment into clean vehicle technologies, and said they had pledged not to close any French sites during the loan term and agreed to 'do everything' to avoid further job losses.
The state pledged a total of 6.5 billion euros to auto manufacturers, with 500 million euros to be split between Volvo (VOLVb.ST) subsidiary Renault Trucks and other companies in the sector.
PSA Chief Executive Christian Streiff and Renault Chief Operating Officer Patrick Pelata said their firms would not launch redundancy plans this year.
Pelata said the initial 6 percent loan rate would rise if the companies' results improved.
Industry Secretary Luc Chatel told reporters the terms of the aid for the sector foresaw management foregoing bonuses. Asked whether dividends would be paid to shareholders, he said the priority would be investment.
Falling car sales worldwide have hurt the French carindustry as the credit crunch and worsening economic climate put the brakes on consumer spending.
French President Nicolas Sarkozy also promised more help for carmakers' financing units as well as pledging to double afund to support struggling auto suppliers, but the conditions imposed in return for state help met with criticism from other EU nations.
Some of France's EU partners have already protested efforts by President Nicolas Sarkozy to protect French factories from the impact of the economic crisis and the European Commission said it would scrutinise his auto plan.
'Above all, we must take care that we do not become protectionist so Germans only want to buy German cars and French people only (want to buy) French and Americans only (want to buy) American steel. We know from past crises we need open markets,' Germany's chancellor, Angela Merkel, said on Monday in a speech to diplomats in Berlin.
France is the latest European country to pledge to help its automakers. Italy on Friday promised 2 billion euros for the flagging sector.
Sarkozy offered France's two carmakers a total 6 billion euros in five-year, 6 percent interest rate loans to fund investment into clean vehicle technologies, and said they had pledged not to close any French sites during the loan term and agreed to 'do everything' to avoid further job losses.
The state pledged a total of 6.5 billion euros to auto manufacturers, with 500 million euros to be split between Volvo (VOLVb.ST) subsidiary Renault Trucks and other companies in the sector.
PSA Chief Executive Christian Streiff and Renault Chief Operating Officer Patrick Pelata said their firms would not launch redundancy plans this year.
Pelata said the initial 6 percent loan rate would rise if the companies' results improved.
Industry Secretary Luc Chatel told reporters the terms of the aid for the sector foresaw management foregoing bonuses. Asked whether dividends would be paid to shareholders, he said the priority would be investment.
Falling car sales worldwide have hurt the French carindustry as the credit crunch and worsening economic climate put the brakes on consumer spending.
