Category: Newswire

Aston Martin chief to leave, Mercedes-AMG CEO to replace him

May 24 (Reuters) – Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday.
The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate.
Palmer and Germany's Daimler AG, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment.
The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday.
Palmer had not been informed of the upcoming announcement, the newspaper reported.
Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018.
The 107-year old British luxury carmaker earlier t..

Renault could ‘disappear’ without government help, French finance minister warns

London (CNN Business)Renault may not survive the shock of the coronavirus pandemic without help from the French government.The French government and Japan’s Nissan (NSANF) are Renault’s largest shareholders, each owning a 15% stake in the company.The government is currently negotiating the terms of a €5 billion ($5.4 billion) loan for Renault.

Exide Technologies Announces Court Approval of First Day Motions Allowing Business Operations to Proceed in Ordinary Course

MILTON, Ga., May 21, 2020 /PRNewswire/ — Exide Technologies (“Exide” or the “Company”), a global provider of stored energy solutions, today announced that customary first day motions to help facilitate continued operations in the ordinary course of business while the Company operates in Chapter 11 were approved by Judge Christopher S. Sontchi of the U.S.… Continue reading Exide Technologies Announces Court Approval of First Day Motions Allowing Business Operations to Proceed in Ordinary Course

Ferrari Pricing of Issue of Notes  

Maranello (Italy), 20 May 2020 – Ferrari N.V. (NYSE/MTA: RACE) (the “Issuer”) today announces the pricing of a Euro 650 million issue of notes due in May 2025 (the “Notes”), being the initial offering for a minimum benchmark size more than five times oversubscribed. The issue price of the Notes is equal to 98.898% of… Continue reading Ferrari Pricing of Issue of Notes  

Ferrari Announces Offering of Notes  

Maranello, 20 May, 2020 – Ferrari N.V. (“Ferrari”) (NYSE/MTA: RACE) announced today that it plans to offer unsecured debt securities (the “Notes”) in benchmark size and subject to market conditions. The Notes are intended to rank pari passu with respect to all other outstanding unsecured and unsubordinated obligations of Ferrari.Ferrari intends to use the net… Continue reading Ferrari Announces Offering of Notes  

LEAKED: Europe’s draft ‘green recovery’ plan

The European Commission’s promised green recovery plan will focus on building renovation, renewables and hydrogen as well as clean mobility and the circular economy.Yesterday, EURACTIV got hold of a draft presented as “a working document” related to the green aspects of the recovery plan.On the funding side, the Commission plans to launch a “European Renovation Financing Facility”, tentatively financed with €91 billion per annum and blended with other sources of funding to reach €350 billion in investment per year.