Trattativa Renault-Fca

[jameson]

30 minuti fa, Bare scrive:

Bentivogli, FCA, Renault: il nazionalismo francese e l’assenza del Governo Italiano hanno fatto saltare tutto

 

 

https://www.fim-cisl.it/2019/06/06/fca-renault-il-nazionalismo-francese-e-lassenza-del-governo-italiano-hanno-fatto-saltare-tutto/

 

E quando sembrava che gli italiani erano i migliori in tutto in quest'affare, ecco che esce il sindacalista di turno a ricordare che la nostra dose di coglionaggine non deve mai essere trascurata.

[sarge]

9 minuti fa, Kippur scrive:

 

Ho sentito che senza Giulia Sw non se ne fa nulla.

A quelllo si può sopperire facilmente

Btw macron=avv.giangiacomo pignacorelli in selci

 

[pennellotref]

 

 

https://europe.autonews.com/automakers/who-blame-fca-renault-deal-collapse

 

Cita

Who is to blame for the FCA-Renault deal collapse?

LIONEL LAURENT

Bloomberg

 

The hunt for a scapegoat for the collapse of the merger talks between Fiat Chrysler Automobiles and Renault is in full cry.

There is furious leaking on all sides: The Italians blame the French, the French blame FCA and the reluctance of Renault’s partner Nissan to bless the deal. A lot of people on both sides blame Bruno Le Maire, Emmanuel Macron’s finance minister, whose eleventh-hour request for more time to bring Nissan on board was the final straw for FCA.

While it’s too simplistic to lay all of the culpability at the feet of Le Maire and Macron (did FCA really think it could stitch together a huge, politically sensitive cross-border car deal in just 15 days?), it has become worryingly common for overconfident Parisian technocrats to slip up on problems of their own making. There are lessons here for Macron when it comes to handling France’s web of government holdings, including its 15 percent ownership of Renault.

For a start, French politicians would do better to align their rhetoric with reality. Promising to fight for every industrial job in France, as Le Maire has done, is a great message for voters, but in the confines of a boardroom, or a shareholder meeting, it’s hard to back up such talk with only a 10 or 15 percent equity stake.

Macron himself acknowledged back in 2016 the limits of the state in stopping management from taking decisions: “It's not because [the government] has 20 percent of the voting rights that it can stop closures.” He’s less upfront these days.

Beyond the French blunders over the Renault-Nissan alliance and now FCA – both examples of Paris overplaying its hand when seeking to exercise control – there’s also deeper confusion over what purpose state investment actually serves. There are too many competing strategies at work across too many state-backed firms (France has 1,800 of them!), from building national champions, to protecting jobs, to blocking foreign takeovers.

Low returns

This does nothing for the performance of these companies: The return on equity of most French state holdings averaged 2.8 percent between 2010 and 2015, versus 10 percent for the SBF 120 index of the country’s most actively traded stocks, according to France’s national audit body.

Nor has state intervention done much to avoid the blight of de-industrialization. The share of manufacturing in the French economy fell from 19 percent in 1975 to 10 percent in 2015. There needs to be a rethink on exactly why and when taxpayer funds should be used. Restricting it to companies facing crisis or bankruptcy, or those with technology worth subsidizing, would be one idea.

There also needs to be some faith in management’s ability to just do its job.

It’s true that in this case Renault’s new boss Jean-Dominique Senard may have been too hasty in pushing the Fiat deal. But the state is never far behind in these situations. Look at Carlos Ghosn’s plans for a Renault-Nissan merger, a project reportedly encouraged by Paris, which in part led to his downfall. Too often, an antagonism sets in between the state and management, usually over compensation, strategy or political meddling. 

Government ownership

You’d have to question the very idea of having a state investor. Banker David Azema, who for a time had the job of overseeing the French portfolio of holdings, said in 2017 that it was impossible for the government to be an effective shareholder. The business cycle is completely different to the electoral cycle and the media scrum, he said at the time.

On top of the pressure of politics, and the confusion of goals, French state shareholders are generally too risk averse and prone to procrastination. The Italians will no doubt agree. 

Macron really needs to get back to his eminently sensible 2017 campaign promise: Sell down more French stakes and reinvest in low-carbon technology.

Renault would be a good start, given the size of the holding. Voters might be happy to see Paris reduce its influence there if it meant more cash to spend on job-creating electric car investments. Perhaps it could go hand in hand with a new deal with Nissan, based on a more equitable shareholder split. Until something changes, expect the international finger-pointing to continue.

 

Modificato 7 Giugno 2019 da Wilhem275

[shadow_line]

3 minuti fa, vince-991 scrive:

 

 

“It was an ill-conceived deal from the start,” said a source close to Nissan. “FCA’s advisers thought they could corner Nissan and secure France’s approval in a couple of days. They clearly minimized the risks.”

 

 

é ovvio che i francesi si sono sentiti scavalcati, i giapponesi si sono sentiti scavalcati

 

ma é anche ovvio che fca abbia proposto un accordo alle sue condizioni, non é che poteva proporre un accordo basato sulle condizioni dei francesi, quello avrebbero dovuto proporlo i francesi per primi semmai

 

poi la legge del branco e della difesa del territorio di caccia ha fatto il resto

[savio.79]

13 minuti fa, vince-991 scrive:

non mi pare che sia stato postato questo che sembra essere un altro punto di vista sulla vicenda e su come sono andate le cose

LONDON (Reuters) - The collapse of merger talks between Fiat Chrysler Automobiles(FCA) and Renault marks a setback for a tight network of current and former Goldman Sachs’ bankers who tried to convince the French political establishment to back the deal.

 

Goldman Sachs had elbowed out FCA’s house bank UBS, which was close to FCA’s late Chief Executive Sergio Marchionne, to lead on the deal for the Italian-U.S. carmaker.

 

Helping Renault was New York-based Ardea Partners, a boutique advisory firm launched in 2016 by Chris Cole who had spent 30 years at Goldman Sachs including co-chairing the investment banking business.

 

“This deal was cooked up among friends who have known each other for years,” said a source involved in the talks. “But despite their relationship and banking experience, it all fell apart.”

 

Cole was directly involved in the negotiations on behalf of Renault and had Goldman’s chairman of investment banking, FX de Mallmann, as his counterpart representing FCA.

 

The pair worked closely with another former Goldman banker, Laurent Clarenbach, who spent 10 years at the Wall Street bank between 2001 and 2011 and is now a partner at French boutique bank d’Angelin & Co.

 

London-based d’Angelin, launched by French banker Benoit d’Angelin in 2017, was brought in by FCA to help market the 33 billion euro ($37 billion) deal to the French government given his founder’s close ties with French President Emmanuel Macron.

 

The French government owns 15% of Renault and was immediately seen as a major obstacle to getting a deal done.

 

But advisers at both sides of the negotiating table were bullish about finding an agreement.

 

“Their long-lasting friendship and mutual trust played a role in keeping them upbeat, even when Paris starting demanding more control over the merged entity,” one source close to the deal said.

 

TACTICS “BACKFIRED”

 

Ardea Partners and Goldman often help each other on business and share work for high profile clients. They are currently advising advertising giant WPP on its ongoing sale of data analytics unit Kantar. Ardea’s executive team mainly consists of former Goldman bankers including James Del Favero, who spent 26 years at the Wall Street bank.

 

The Goldman network had been expected to secure the backing of Macron’s government before the deal became public, several sources said, adding Goldman deployed staff from its New York, Paris and London offices in a bid to win France’s blessing.

 

But, this time, Goldman and its allies failed to deliver, amid demands for more control by the French state and resistance from Renault’s alliance partner Nissan, which decided to abstain from a Renault board vote on the deal.

 

 

“They couldn’t navigate the complexity of this deal and their plan of sidelining Nissan backfired,” the first source said.

 

Goldman declined to comment on this report, while Ardea Partners was not immediately available for comment.

 

French Finance Minister Bruno Le Maire demanded that, as one of the main conditions for talks to progress, the deal needed the backing of Nissan.

 

But FCA and its banks did not lay the groundwork to secure Nissan’s endorsement, having kept the Japanese carmaker in the dark about the merger plan to avoid leaks.

 

“It was an ill-conceived deal from the start,” said a source close to Nissan. “FCA’s advisers thought they could corner Nissan and secure France’s approval in a couple of days. They clearly minimized the risks.”

 

Si può averne un riassunto?

[jeby]

 

Ragazzi veramente basta dare click e visualizzazioni a questi personaggi: questo è un truffatore! Lasciatelo perdere!

Modificato 7 Giugno 2019 da Wilhem275

[DarioBi]

10 minutes ago, jeby said:

 

Ragazzi veramente basta dare click e visualizzazioni a questi personaggi: questo è un truffatore! Lasciatelo perdere!

E' un ciarlatano ed è pure palese. Dice tutto ed il contrario di tutto, e i gonzi lo applaudono. E' il classic personaggio che piace agli "itagliani" che parlano male "dell'itaglia".

[aargh!]

 

28 minuti fa, shadow_line scrive:

 

é ovvio che i francesi si sono sentiti scavalcati, i giapponesi si sono sentiti scavalcati

 

ma é anche ovvio che fca abbia proposto un accordo alle sue condizioni, non é che poteva proporre un accordo basato sulle condizioni dei francesi, quello avrebbero dovuto proporlo i francesi per primi semmai

 

poi la legge del branco e della difesa del territorio di caccia ha fatto il resto

 

Scusa ma quello che hai quotato è nient'altro che cacca di toro (in italiano).

Come si fa a dare credito a chi pretende di addossare la colpa del mancato coinvolgimento iniziale di Nissan a FCA??  Non a caso questa è la prima e unica volta che vedo si cerca di coinvolgere FCA sulla questione. 

 

Nissan non era il destinatario dell'offerta e, in quanto partner, era OBBLIGO MORALE di Renault quello di informare il suo partner-di-vent'anni. 

Se fosse stato FCA a contattare direttamente Nissan sarebbe successo un putiferio politico, industriale e mediatico. 

Selezioniamo con maggiore cura le fonti a cui dare credito. ?

[Wilhem275]

36 minuti fa, savio.79 scrive:

Si può averne un riassunto?

https://translate.google.it/

 

Perché avere il riassunto quando è disponibile la versione completa

18 minuti fa, jeby scrive:

 

Ragazzi veramente basta dare click e visualizzazioni a questi personaggi: questo è un truffatore! Lasciatelo perdere!

 

Censurato

[savio.79]

16 minuti fa, Wilhem275 scrive:

https://translate.google.it/

 

Perché avere il riassunto quando è disponibile la versione completa

 

Perché ho un lavoro e una famiglia da mantenere, e leggere lunghissimi articoli non mi dà pane, mentre i vostri riassunti li leggo con piacere (e velocità) :-D