Word: renault
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...Nicolas Sarkozy thinks so, albeit with some controversial conditions. Just before unveiling an $8 billion loan for French carmakers Renault and PSA Peugeot Citroen last week, the French President suggested the aid should be conditional on them packing up their plants elsewhere in the E.U. and returning all production to their homeland. "If we are to give financial assistance to the auto industry, we don't want to see another factory being moved to the Czech Republic," he said, referring to Peugeot Citroen's seven-year old Czech plant. (See pictures of Sarkozy...
...France Every Country for Itself? Detroit's automakers aren't the only ones getting a helping hand. French President Nicolas Sarkozy has proposed loans of $3.9 billion each to Peugeot Citroën and Renault in exchange for promises that the companies won't enact layoffs in France. The proposal drew charges of protectionism from other E.U. members, who say the plan could force the carmakers to cut workers in other countries. Other recent E.U. auto-assistance deals...
There is a scene in the film classic Casablanca when Captain Renault, the head of the local police, finds out that there is gambling going on in the cafe owned by Humphrey Bogart's character. Renault's reaction was to say that "I'm shocked, shocked to find that gambling is going on in here!" Of course, Renault knew about the activity and was taking a few dollars on the side...
Indeed, large industrial groups such as carmakers Renault and PSA (which makes Peugeots and Citroëns) are now responding to the massive slow-down in the auto sector by temporarily closing plants and imposing stored or anticipated time off on workers under their retained 35-hour schemes. That may not be how employees had planned to use their time off, but it beats being laid...
However, GM, the only suitor to emerge this fall, has said it's no longer interested; another potential suitor, Russian tycoon Oleg Deripeska, is fighting to keep his own empire from being shredded by economic distress. Renault-Nissan, a third potential suitor, is pulling back in the face of what its chief executive, Carlos Ghosn, has warned could be a long global downturn...