PSA and Dongfeng sign capital tie-up deal
东风8亿欧元入股PSA 将设出口销售新公司
2月19日，东风集团(00489.HK)发布公告，称与PSA(标致雪铁龙)、法国政府、标致家族订立谅解备忘录。公司表示有意认购PSA的增发股份及配售股份，总代价约8亿欧元(下同)(近85.4亿港元)，且预期法国政府亦会以同等条件认购PSA的定向增发及供股。
PSA unveils Dongfeng deal with 2013 loss
PARIS (Reuters) — PSA/Peugeot-Citroen today unveiled a 3 billion euro ($4.1 billion) capital tie-up with China’s Dongfeng Motor Group and said the cash injection would buy time for a recovery after the company posted a further loss for 2013.
Dongfeng and the French state will each pay 800 million euros for 14 percent of the carmaker to match the founding Peugeot family’s reduced holding, PSA said today in a statement, confirming earlier reports.
PSA said its full-year net loss narrowed to 2.32 billion euros from 5.01 billion in 2012, when the bottom line was hit by asset writedowns. Sales fell 2.4 percent to 54.09 billion euros.
The company unveiled new goals for its partnership with Dongfeng but warned that it may not halt losses until 2016 — a year later than initially promised.
“Everything is in place to give Peugeot a new lease of life as a major international carmaker,” Chief Financial Officer Jean-Baptiste de Chatillon said on a conference call.
“We have the products, the teams, the know-how and now we have a new balanced and stable ownership,” he said.
The loss at PSA’s core auto division narrowed 30 percent to 1.04 billion euros — and net debt rose by about the same figure to 4.15 billion — as drastic investment cuts failed to halt the red ink.
But operational cash consumption came in at 426 million euros, outperforming the company’s goal of cutting the previous year’s 3 billion cash burn at least by half.
PSA’s net loss was deepened by an emerging market currency plunge.
VIDEO: PSA CEO Varin talks about Dongfeng deal, Europe, future plans
PSA Chairman urged to scrap Dongfeng deal
TURBOII030
东风入股PSA背后 趁其求钱若渴拿钱换技术
有一种观点不那么客气，有点尖锐：东风斥资8亿欧元入股PSA是试探性的，赌的就是势比人强，PSA不得不逐步共享自己的核心技术。“从投资上看，8亿欧元对东风并非不可承受。一旦在一定的周期内没有获得想要的技术，通用出清PSA股份的场景未必不会重现。”
瓦兰表示，双方将整合PSA现有的亚太技术中心，设立新研发中心，在中国建立从产品前期研究、造型到工业化的全价值链研发能力，强化与PSA研发中心和东风集团研发中心的协同，在新能源核心领域加强全球范围合作，通过实现产品平台、动力总成及零部件等的协同，提升双方的平台规模效应和竞争力。
技术层面上最核心的信息，是PSA上海研发中心从外方独资变为合资。PSA将与东风以50:50比例在华设立合资研发中心，该研发中心将在并购现有PSA上海研发中心的基础上成立。不同于神龙汽车原有内部研发机构，该机构有望承担平台开发、动力总成研发等更为核心的开发任务。
瓦兰对此的承诺是，该中心的研发成果由两个伙伴均等分享，双方都可以使用技术，也都持有知识产权，双方也可百分之百地使用该研发中心用于各自研发工作。
议还规定，PSA所有欧洲车辆上应用的技术，东风如果想拥有，都可通过支付佣金的方式购买。此前，哪些技术可销售给东风、哪些技术是保留的，决定权在PSA手中。这一系列写进协议的技术分享条款，被视作PSA引资东风的诚意所在，也让东风坚定了自己的入股决心。
Yes, that venture in Guangzhou went very bad, and was later sold to Toyota for $1.
But these days PSA does make good looking cars.
Isn’t this the company that couldn’t make the joint venture, created in 1985 in Guangzhou, work?
Fourteen per cent doesn’t seem like much leverage…….
In any case I do hope that Dongfeng gets its moneys worth.
Dongfeng and PSA already operate three factories together in China. The Chinese company is investing 30 billion yuan ($4.9 billion) in its own auto operations to reduce its dependence on foreign carmakers.
Does PSA have a joint venture with Chinese Changan too?
Bad News of PSA 2013: The group reported on Wednesday also announced last year suffered from 177 million euros. Operating loss The net loss was 2.3 billion euros, compared with a min of 5 billion euros a year earlier. Peugeot saw sales in 2013 by 4.9 per cent to 2.82 million vehicles and sales went down by 2.4 percent to 54.1 billion euros. Peugeot gave to charge. 2014 a growth of the European car market by 2 percent For China, the company assumes a growth of 10 percent. The company went on to say that CEO Philippe Varin is replaced… Read more »
Peugeot announced its partnership with Dongfeng to strengthen further. The companies want to produce 1.5 million cars annually under the brands Dongfeng Peugeot and Citroën. Together in the coming years Furthermore, an export company will be set up in China to sell. Built cars to other Asian markets.