Lagardre, Renault, AXA, Bouygues, Akwel, Claranova, Bayer, Hertz, Aston Martin

In France

Self relaunch. The French support plan for the automotive sector will include additional bonuses and an extended conversion bonus, in return for industrial and social commitments. It was the Minister of Transport, Isabelle Borne, who announced it yesterday on France Inter. Details of the plan are expected on Tuesday. It risks relaunching the debate on the energy transition, insofar as the project should also favor thermal engines, to limit the social breakdown of an industry which employs several hundred thousand people in France.

Bernard Arnault in support of Lagardère. After Vincent Bolloré and Marc Ladreit de Lacharrière, it is Bernard Arnault’s turn to fly to the rescue of Arnaud Lagardère. The family which controls LVMH will, via the Arnault Group, take 25% of LCM, the holding company of the Lagardère family. What reassure on the solvency of the leader. Vivendi for its part rose to 16.5% of Lagardère, becoming the second shareholder with 18% of the round.

Countdown. It is this week (Wednesday) that Renault, Nissan and Mitsubishi will unveil their vast strategic plan, which will include a particularly severe restructuring component. The French authorities have already warned that they will be particularly vigilant about the industrial footprint of the Alliance.

In conquest. French Electricity planned to submit “soon“an application for authorization for the construction of two EPR nuclear reactors at Sizewell C, in the United Kingdom.

A high cost standoff. Justice orders AXA to compensate a restoration group for its losses related to the coronavirus, the insurer appeals. The Paris Commercial Court ordered the insurer to compensate a restaurant owner for up to two months’ loss of turnover due to the confinement. The insured claimed that an extension of cover which he had taken out in the event of administrative closure applies, which AXA disputes, for which substantial amounts are at stake. More details here.

5G offbeat? Martin Bouygues, CEO of the Bouygues group, pleaded for a postponement until the end of 2020 or beginning of 2021 of the auctions for 5G frequencies. The leader believes that the Covid-19 has created too much uncertainty. The authorities plan to hold these auctions, which should have taken place in the spring, in July or September. Arcep states that it has not received any official request from Bouygues Télécom.

Not enough time. Akwel says it is unable, for the time being, to lift the conditions precedent linked to its offer to buy Novares, but does not give up. The equipment supplier explains that the deadlines set by the current procedure are too short, particularly with regard to the antitrust examination. Akwel remains open to dialogue to carry out his plan to take over the tribunal, which would double its size.

Claranova on the grill. This is a dossier that has been the subject of much ink for several years. Is Claranova a champion in the making or a company in eternal restructuring. Our specialist in mid-caps Raphaël Girault asked the question to the CEO, Pierre Cesarini.

In short. Suez is preparing to sell its Spanish subsidiary Agbar for € 3 billion, according to information obtained by Cinco Dias. Air France is committed to reducing its CO2 emissions by 50% by 2024 on its domestic flights. Atos will hold its general meeting behind closed doors. 53% of eligible employees have subscribed to the capital increase reserved for them by Rubis. Engie EPS retained on a project in Hawaii. Olympique Lyonnais will have to appeal to the Council of State against the suspension of the French football championship, the Paris Administrative Court having declared itself incompetent. Total and Gaussin are developing the world’s first 100% electric fuel truck. Carmat implants an artificial heart to a 13^e patient on 1^er in Denmark, as part of the PIVOT study, which is resuming. AB Science postpones its annual general meeting. Biosynex confirms the inclusion of its Covid-19 rapid serological test on the list of products authorized by the Ministry of Health. Hybrigenics obtains a first decision in favor of the recourse against an American patent relating to inhibitors of USP7. Poxel takes stock of its developments and announces a fundraiser. Drone Volt is carrying out a further reserved capital increase of € 2.17 million from its historic shareholders, to reimburse the ORNANE bonds issued in 2019, at a price of approximately 23% dilution. Acheter-Louer.fr issues OCABSA to finance itself. MND and Foncière Volta have published their accounts.

In other markets

Bayer progresses towards friendly settlements. The information obtained by Bloomberg suggests that Bayer would have reached an agreement with a large fraction of the 125,000 plaintiffs who have taken legal action over the Roundup. About 85,000 agreements in principle have been reached. The company declined to comment.

The fall of Hertz. Hertz files for bankruptcy protection in the United States. The news made a big splash because the brand is well known around the world. The company employs approximately 38,000 people. She collapsed under a debt of $ 19 billion, made unsustainable by the freeze of activities, linked to confinement due to Covid-19. The passage under “Chapter 11” should allow the company to reorganize.

Aston Martin recruits at AMG. Tobias Moers (Mercedes-AMG) would replace Andy Palmer at the helm of Aston Martin, according to the Financial Times. The legendary brand was bailed out by Canadian billionaire Lawrence Stroll and his co-investors. It remains in a precarious financial situation, as demonstrated by the quarterly figures published recently.

Mponeng hit by the Covid. AngloGold Ashanti is closing a mine with 164 cases of coronavirus in South Africa. The Mponeng gold mine in the north-east of the country was the subject of a large-scale test (650 employees tested). The deepest gold mine in the world (4 km) resumed production at 50% in early May.

K + N to reveal spring. Kuehne + Nagel could cut 20 to 25% of its workforce worldwide, according to its main shareholder interviewed by Die Welt. The Swiss logistics company employs around 83,000 people worldwide. The job cuts could occur in countries that do not have partial unemployment, such as the United States. “The moment of truth is the period from April to June“said the shareholder.

Small recovery to the south. Lufthansa will resume flights to 20 destinations from mid-June from Frankfurt, notably to Mallorca, Crete, Rhodes, Faro, Venice, Ibiza and Malaga. In parallel, the transporter is still negotiating with Berlin and its creditors for a support plan which would represent some € 9 billion.

Soon the holidays ? TUI AG resumes 11% on the Frankfurt Stock Exchange, at 3,768 EUR. The rebound follows an interview with CEO Fritz Joussen in the “Rheinische Post” on Saturday. The leader mentioned the restart of departure offers to southern Europe in June. Majorca, Greece, Cyprus in particular, but also destinations such as Austria, Croatia and Bulgaria.

In short. Over the weekend, Facebook introduced artificial intelligence tools on two of its e-commerce platforms to make it easier for small businesses.

It publishes. Hitachi Chemical, Tecnicas Reunidas, Nacon, BigBen, McKay Securities…

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