Trattativa Renault-Fca

[pixhell]

15 minutes ago, Bosco said:

Potresti riportare uno stralcio della notizia?

Da buon povero non posso leggere gli articoli ?

Veramente neanche... 

Comunque

Il gruppo francese ha comunicato al partner giapponese che bloccherà il piano dell'azienda di rivedere la sua travagliata corporate governance.
La decisione - ha rivelato in una lettera di Jean-Dominique Senard, presidente di Renault, a Hiroto Saikawa, amministratore delegato di Nissan - segna una brusca inversione di rotta e minaccia di vanificare mesi di lavoro da parte di Nissan.

[TONI]

dopo tutto quello che è successo mi vengono in mente le seguenti riflessioni

l' alleanza, più che per sfruttare tecnologie che non avevamo, sarebbe servita per spalmare i futuri investimenti, che saranno molto onerosi, su più modelli, riuscendo quindi ad essere redditizio anche occupare i segmenti più bassi ed il mercato europeo ; e a proposito di mercati, con nissan e mitsubishi, avremmo messo un piede sicuro in asia dove per il momento abbiamo fatto un buco nell' acqua

 

per il futuro, scarterei a priori l' idea di un'altra alleanza : bene o male a nessuno fa piacere essere acquisito ed una fusione tra pari, si sa, non lo è mai veramente. Secondo me o si prova a scalare ostilmente GM, o si provano accordi, come in passato con peugeot, per almeno ammortizzare i costi per le nuove tecnologie

 

visto che stanno incominciare a volare gli stracci tra renault e nissan, forse si potrebbe pensare ad un loro tentativo di rinegoziazione con fca ma sicuramente il fastidio del governo francese azionista sarà un vincolo difficile da superare

[led zeppelin]

Domanda: ma anche se volano gli stracci tra Renault e Nissan, cosa può concretamente cambiare? Perché Renault in ogni caso detiene il suo bel 43% di Nissan ...

[pixhell]

@led zeppelin, @TONI

 

«Possiamo ridurre la partecipazione dello Stato nel capitale di Renault - ha detto il ministro - Questo non è un problema se, alla fine del processo, avremo un settore automobilistico più solido e un'alleanza più solida tra le due grandi case automobilistiche Nissan e Renault»,

 

https://www.ilsole24ore.com/art/finanza-e-mercati/2019-06-08/renault-governo-francese-pronto-ridurre-sua-quota-145502.shtml?uuid=ACqowJP

[TONI]

Ridurre non basta ; se ne devono andare perché comunque sia renault sarà sempre in minoranza in una fusione con chiunque. Ed il governo non potrebbe permetterlo

 

[nucarote]

19 minuti fa, TONI scrive:

Ridurre non basta ; se ne devono andare perché comunque sia renault sarà sempre in minoranza in una fusione con chiunque. Ed il governo non potrebbe permetterlo

 

Pure ridurre la quota, elettoralmente non credo che paghi, così come rifinanziare Renault, che per giunta rischierebbe di scassare la UE. Le ipotesi accettabili sono la fusione con PSA o  l'entrata di un nuovo socio in Renault.

Modificato 10 Giugno 2019 da nucarote

[Bare]

Exclusive: FCA-Renault revival may hinge on Nissan stake cut - sources

 

Quote

 

PARIS (Reuters) - Fiat Chrysler Automobiles NV and Renault SA are looking for ways to resuscitate their collapsed merger plan and secure the approval of the French carmaker’s alliance partner Nissan Motor Co Ltd , according to several sources close to the companies.

 

Nissan is poised to urge Renault to significantly reduce its 43.4% stake in the Japanese company in return for supporting a FCA-Renault tie-up, two people with knowledge of its thinking also told Reuters.

 

It is still far from clear whether any concerted effort to revive the complex and politically fraught deal can succeed. FCA Chairman John Elkann abruptly withdrew his $35 billion merger offer in the early hours of June 6 after the French government, Renault’s biggest shareholder, blocked a vote by its board and demanded more time to win Nissan’s backing. Nissan representatives had said they would abstain.

 

The failure, which FCA and Renault blamed squarely on the French government, deprived both companies of an opportunity to create the world’s third-biggest carmaker with 5 billion euros ($5.6 billion) in promised annual synergies.

 

It also shone a harsh light on Renault’s relations with Nissan, which have gone from frayed to fried since the November arrest of former alliance Chairman Carlos Ghosn, now awaiting trial in Japan on financial misconduct charges he denies.

REVIVAL TALKS

Italian-American FCA - whose brand stable encompasses Fiat runabouts, Jeep SUVs, RAM pickups and Maserati sports cars - has so far turned a deaf ear to suggestions by French officials that its merger proposal could be revisited.

 

But since the breakdown, Elkann and his French counterpart Jean-Dominique Senard have had talks about reviving the plan that left the Renault chairman and his Chief Executive Thierry Bollore upbeat about that prospect, three alliance sources said.

 

Renault and a spokesman for FCA declined to comment.

 

One of Elkann’s senior advisors on the Renault merger bid, Toby Myerson, was expected at Nissan headquarters in Yokohama on Monday for exploratory discussions with top management, two people with knowledge of the matter said. Nissan CEO Hiroto Saikawa is likely to attend. Myerson did not respond to a message from Reuters seeking comment.

 

The meeting comes amid mounting strains that may preclude compromise, after Senard warned Saikawa that Renault was prepared to block key Nissan governance reforms in a dispute over board committees.

 

Alternatively, the escalating tensions and negotiating positions could give way to a breakthrough, as FCA-Renault’s industrial logic and savings prove hard to ignore.

REBALANCING ACT

Saikawa, who has argued consistently that alliance shareholdings need “rebalancing” to reflect Nissan’s superior size, would press for a substantial reduction to Renault’s stake as part of any agreement, according to the same people. Nissan’s 15% stake in Renault carries no voting rights.

 

“If FCA are expecting some sort of negotiation, they must be anticipating that request,” said one.

 

The FCA-Renault deal that Elkann whipped off the table – at least for now – would have seen both companies acquired by a listed Dutch holding company owned 50-50 by current FCA and Renault shareholders, after payment of a 2.5 billion euro special dividend to FCA shareholders.

 

Paris had secured stronger job guarantees and terms including a cash payment to Renault shareholders, following public criticism that the bid undervalued Renault.

 

For Nissan, however, the merger would “swap out one small 43% shareholder for a bigger 43% shareholder it doesn’t know,” said a source familiar with top management thinking. Nissan could back the FCA-Renault deal only with a “substantial reduction” in the French carmaker’s holding, they said.

 

France may not automatically oppose a reduction to the Nissan holding if it secured Renault’s place at the heart of a consolidated group. The government has also said it could reduce its own 15% Renault holding, to the same end.

 

“All options can be considered,” Finance Minister Bruno Le Maire told Le Figaro after the deal collapsed, when asked about Japanese pressure for Renault to reduce its Nissan stake.

 

But a senior ministry official declined to elaborate on that possibility. “The proposal is gone,” he said.

 

FCA may also be prepared to compromise for a tie-up that promises to plug the technology gaps threatening its ability to keep pace with vehicle electrification and emissions compliance.

 

It has few other potential partners, after talks with Peugeot maker PSA ended inconclusively earlier this year. Estimated FCA-PSA synergies were closer to 3 billion euros, according to one person briefed on the matter.

 

FCA has already floated a call option that would allow Nissan to increase its 7.5% voting stake in the combined FCA-Renault, another person involved in the talks said.

 

Nonetheless, anything beyond a token reduction of Renault’s Nissan stake would likely upset the deal valuations and prove unpalatable to its prospective merger partner.

 

 

https://www.reuters.com/article/us-renault-m-a-fiat-chrysler-nissan-excl-idUSKCN1TB03O

 

 

[Bare]

French throw wrench into Renault-FCA tie-up

Government sees its duty to protect jobs, investment

Quote

 

PARIS — Forging a successful merger of Renault Group and Fiat Chrysler Automobiles was always going to be challenging, but the added presence of the French government — Renault's largest shareholder — may have made it impossible.

 

That is the prevailing sentiment in Turin, at least, where FCA Chairman John Elkann pulled his company's merger offer in the early morning hours Thursday, June 6, citing "political conditions in France" that made going forward impossible.

 

Elkann's move stunned the French government, which after a six-hour meeting that wrapped up at midnight Wednesday, had sought an extension to win more support from Nissan. In FCA's view, the government moved the goal posts at the last second, suggesting that it would not be a trustworthy partner.

With 15 percent of Renault's shares, and enjoying double voting rights, the French government exercises an outsize influence on operational and strategic decisions. That has been a barrier to a closer tie-up with alliance partner Nissan, and it appears to have sunk the FCA merger, too.

 

The government sees its role as a shareholder to protect French jobs and its investment. It emphasized repeatedly that any FCA deal had to happen "within the framework of the existing alliance" with Nissan. The issue is particularly sensitive in the wake of the arrest of former Chairman Carlos Ghosn in November, which revealed deep cracks in the 20-year alliance.

 

On top of that, President Emmanuel Macron of France has been facing a backlash to his pro-business agenda, which critics say favors the wealthy over the working class. A deal that could be seen as ceding control of Renault to Elkann — who would have been chairman of the proposed company — could imperil French jobs, according to that view.

 

For FCA, and even for Renault and its chairman, Jean-Dominique Senard, that meant only that Nissan would not block the merger talks from going ahead. But the French government insisted — in a demand made Wednesday — that Nissan's representatives on Renault's board vote "yes."

 

"It was out of the question to put the alliance in danger for a merger," a French government spokesman said Thursday. "There was a risk with Nissan's abstention that Nissan would later vote against it."

 

Nissan, stinging from being kept in the dark by FCA and Renault until the last minute, could have blocked access to shared technologies essential to generating the billions in synergies that Elkann touted in making the offer to Renault.

 

The government's intervention has also cast doubt on how much authority Senard, who was brought in from Michelin to stabilize Renault and the alliance, really has. French newspapers were reporting that the 66-year-old was weighing his effectiveness after talks with FCA dissolved, although the Macron administration and the French Finance Ministry affirmed their support Thursday.

 

FCA's proposal had faced increased criticism in France. An activist fund, CIAM, had written to the Renault board in opposition, calling the deal "opportunistic" and saying the offer strongly favored FCA from an industrial and financial point of view. The powerful CGT union had also railed against it.

 

But until Wednesday night, the three main parties to the deal — Renault, FCA and the French government — had expressed strong support, and there was little to suggest the Renault board would not approve it, even if support wasn't unanimous.

 

As it was, the board never took a vote, issuing a news release just after midnight saying it wanted more time. Less than 90 minutes later, the deal was dead.

 

 

https://www.autonews.com/automakers-suppliers/french-throw-wrench-renault-fca-tie

 

[gianmy86]

4 ore fa, nucarote scrive:

o  l'entrata di un nuovo socio in Renault.

 

Alle loro condizioni....lo troveranno subitissimo!!!  

[pixhell]

L'ANALISI |RITORNO DI FIAMMA?

Fca, Le Maire: piano con Renault resta una buona opportunità

 

https://www.ilsole24ore.com/art/finanza-e-mercati/2019-06-10/fca-sotto-lente-si-torna-ragionare-grandi-operazioni-105030.shtml?uuid=AC5sRcP