Vallourec Investors Will Have to Sacrifice Payout, Macron Says
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Vallourec SA management and shareholders will be asked to make sacrifices in terms of salaries and dividends as the French maker of steel tubes for the oil and gas industry grapples with a collapse in demand, Economy Minister Emmanuel Macron told parliament Wednesday.
“Efforts will be asked of management in terms of salary and efforts will be asked of shareholders in terms of dividends,” said Macron. He plans to meet with Chairman Philippe Crouzet next week as part of an effort to “continue to put pressure on the group,” he said.