Renault loan still not signed, site closures must be last resort, says Le Maire

French Finance Minister Bruno Le Maire on Thursday stated that the government was yet to sign off on a planned 5 billion euro ($5.5 billion) loan for Renault. Le Maire added that the automaker’s site closures and job cuts could only ever be a last resort.

“The closure of a site must only be a last resort,” Le Maire informed France 2 television.

French President Emmanuel Macron this week said that the government, which owns a 15% stake in the automaker, would not sign off on the state loan until management and unions had concluded talks over the automaker’s French workforce and sites.

Le Maire warned last week that the company could disappear if it didn’t receive help soon.