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5/25, 5:15 PM (Source: TeleTrader)
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Renault+3.77%

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Renault to close more plants, lay off workers

French automobile manufacturer Groupe Renault said on Monday that it could close some plants and reduce the number of its staff on Thursday.

A representative for far-left union CGT Fabien Gache said that "the general management will formalize what it calls a 2 billion euro cost-cutting plan, in which further staff reductions and even site closures can be expected."

Last month, the European Commission (EC) approved a €5 billion loan guarantee issued by France to the Renault group. French finance minister Bruno Le Maire stressed the company could vanish if it didn’t receive help soon.

Breaking the News / TF