Santander injects 60 million to revive the subsidiary linked to First Brands
It strengthens the solvency of the French car parts group Novares, whose control it has assumed after the non-payment of First Brands' founder.
Santander has injected 60 million euros into Novares, a French car parts company, to reinforce its solvency. The bank took control of Novares last year after the founder of First Brands, Patrick James, defaulted on a loan. Santander had previously provided a $230 million loan to James' company, Global Technologies, to acquire Novares.
The bank now expects a new majority shareholder, a Santander subsidiary, to provide further financial support to Novares, estimated at around 60 million euros, starting in the first quarter of 2026.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
