France: the Lagardère group obtains a loan guaranteed by the State of 465 million euros
Arnaud Lagardère's group is encountering great difficulties due to the crisis caused by the Covid-19 epidemic.
Reuters
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The owner of the publisher Hachette, the Relay shops or even the radio Europe 1, is currently in great difficulty because of the Covid-19 crisis, but also because of a fierce struggle between his shareholders.
This secured loan is a real breath of fresh air.
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For Arnaud Lagardère's group, this is the best news for many months.
A consortium of twelve banks pays him the sum of 465 million euros, a loan 80% covered by the State in the event of non-repayment.
The sum will help stabilize a financial situation in great danger.
Indeed, Lagardère is suffering the full brunt of the Covid-19 crisis.
The pandemic having emptied train stations and airports, the revenues of its distribution branch, including Relay stores, collapsed: 66% less in the second half of the year alone.
However, this branch is one of the group's cash machines.
Shareholder sling
The company, whose debt continues to grow, is also weakened by a sling of its shareholders, Vincent Bolloré in the lead, who criticize Arnaud Lagardère's lack of strategic vision.
The latter called on another French industry captain, Bernard Arnault, the boss of the luxury group LVMH, to counter the sling of Vincent Bolloré.
In the background, the political class does not remain indifferent to this quarrel at the heart of French capitalism.
The media are indeed relaying the concerns of the Presidency of the Republic, who would fear to see the media center of the Lagardère group fall into the hands of
Vincent Bolloré
, less than two years before the presidential election.
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