France Boosts Eutelsat with 1.35 Billion-Euro Investment
Eutelsat's shares rose 6% as France announced a 1.35 billion-euro investment to become the satellite company's largest shareholder. This move aims to strengthen Eutelsat's position against competitors like Elon Musk's Starlink and ensure strategic independence for Europe in the low-Earth orbit satellite sector.
- Country:
- France
On Friday, Eutelsat shares surged by 6% following the French government's declaration of a 1.35 billion-euro capital injection, making it the largest shareholder in the satellite company. This strategic decision aims to bolster Eutelsat's competitive edge against tech giants like Elon Musk's Starlink.
The French finance ministry emphasized that the capital increase would not only support Eutelsat but also secure France's strategic independence in the satellite industry. Eutelsat is known for owning the world's second-largest constellation of low-Earth orbit satellites.
French President Emmanuel Macron highlighted the significance of the investment on social media platform X, stating it as a critical step for Europe's autonomy in satellite navigation and communication.
(With inputs from agencies.)
ALSO READ
Lula Pushes Macron for EU-Mercosur Trade Deal
Starlink Sets Course for India's Satellite Internet Market
EU-Mercosur Deal: Clash of Agendas as Lula and Macron Disagree
Starlink Secures License for Satellite Communication: A Boost for India's Connectivity
Starlink Secures Satcom License for India Launch
Google News