Government Subsidies as Launch Fuel

“In his letter to Fabius, Bernard Arnault commits to respecting the plan he presented to the government, which promises in particular the "perpetuity" of the Boussac group and makes firm commitments on employment. In return, he presents the bill to the State: 940 million, partly (380 million) in the form of debt write-offs, the rest (560 million) in the form of new aid6. The money will be paid, but the promises will not be kept: Bernard Arnault can congratulate himself on returning to France six months earlier. The socialists, those scarecrows, have just given him the best Christmas of his life.”

“Bernard Arnault wrote to the Prime Minister: "The financial assistance requested from the public authorities will be limited to: the incorporation into the capital of CBSF of the advances from Sopari, up to a limit of 380 million in grants or equivalents; the granting of a loan to CBSF from FDES of 100 million on the best terms. Moreover, I am counting on the support of the public authorities to obtain the participatory loan of 160 million provided for in the financial protocol of June 1982, the payment of which should be made in advance." In return, Bernard Arnault promises the State to make it participate in the profits it could derive from the deal: "The financial assistance granted by the State would benefit to the extent of 300 million from a clause of return to better fortune: they would be reimbursed up to 25% of the dividends distributed annually by SFFAW, or a legal person succeeding it, from the year 1991 included to the year 2005 included."”