Rumors fusione FCA e PSA

[MikeMito]

Comunicato ufficiale PSA e FCA

Cita

 

 

Groupe PSA and FCA plan to join forces to build a world leader for a new era in sustainable mobility

Discussions have opened a path to the creation of a new group with global scale and resources owned 50% by Groupe PSA shareholders and 50% by FCA shareholders. In a rapidly changing environment, with new challenges in connected, electrified, shared and autonomous mobility, the combined entity would leverage its strong global R&D footprint and ecosystem to foster innovation and meet these challenges with speed and capital efficiency.

• The combination would create the 4th largest global OEM in terms of annual unit sales (8.7m vehicles)
• At its inception, the combined company would realize among the highest margins in the markets where it would operate, based on FCA’s strength in North America and Latin America and Groupe PSA’s in Europe
• The combination would unite the groups’ respective brand strengths across Luxury, Premium, Mainstream Passenger Car, SUV and Trucks & Light Commercial – making them stronger together
• The merged entity would bring together the companies’ extensive and growing capabilities in the technologies shaping the new era of sustainable mobility, including electrified powertrain, autonomous driving and digital connectivity
• Approximately €3.7 billion estimated annual run-rate synergies without any plant closures resulting from the transaction
• Highly respected combined management team recognised for exceptional value creation and with proven success in previous OEM combinations
• Dutch parent company Board would have balanced representation and a majority of independent Directors. John Elkann as Chairman and Carlos Tavares as CEO and member of the Board

OCTOBER 31, 2019 , RUEIL-MALMAISON AND LONDON - IMPORTANT NOTICE
 
By reading the following release, you further agree to be bound by the following limitations and qualifications:
 
This communication is for informational purposes only and is not intended to and does not constitute an offer or invitation to exchange or sell or solicitation of an offer to subscribe for or buy, or an invitation to exchange, purchase or subscribe for, any securities, any part of the business or assets described herein, or any other interests or the solicitation of any vote or approval in any jurisdiction in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. This communication should not be construed in any manner as a recommendation to any reader of this communication.
 
This communication is not a prospectus, product disclosure statement or other offering document for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14th 2017, as amended from time to time and as implemented in each member State of the European Economic Area and under French and Dutch law and regulation.
 
An offer of securities in the United States pursuant to a business combination transaction will only be made, as may be required, through a prospectus which is part of an effective registration statement filed with the US Securities and Exchange Commission (“SEC”).  Shareholders of Fiat Chrysler Automobiles N.V. (“FCA”) and Peugeot S.A. who are US persons or are located in the United States are advised to read the registration statement when and if it is declared effective by the US Securities and Exchange Commission because it will contain important information relating to the proposed transaction. You may obtain copies of all documents filed with the SEC regarding the proposed transaction, documents incorporated by reference, and FCA’s SEC filings at the SEC’s website at http://www.sec.gov. In addition, the effective registration statement will be made available for free to shareholders in the United States.
 
Rueil-Malmaison and London, October 31st 2019

The Supervisory Board of Peugeot S.A. and the Board of Directors of FCA N.V. have each unanimously agreed to work towards a full combination of their respective businesses by way of a 50/50 merger. Both boards have given the mandate to their respective teams to finalize the discussions to reach a binding Memorandum of Understanding in the coming weeks.

The plan to combine the Groupe PSA and FCA businesses follows intensive discussions between the senior managements of the two companies. Both share the conviction that there is compelling logic for a bold and decisive move that would create an industry leader with the scale, capabilities and resources to capture successfully the opportunities and manage effectively the challenges of the new era in mobility.

The proposed combination would create the 4th largest global OEM in terms of unit sales (8.7 million vehicles), with combined revenues of nearly €170 billion1 and recurring operating profit of over €11 billion2 on a simple aggregated basis of 2018 results excluding Magneti Marelli and Faurecia. The significant value accretion resulting from the transaction is estimated to be approximately €3.7 billion in annual run-rate synergies derived principally from a more efficient allocation of resources for large-scale investments in vehicle platforms, powertrain and technology and from the enhanced purchasing capability inherent in the combined group’s new scale. These synergy estimates are not based on any plant closures.

It is projected that 80% of the synergies would be achieved after 4 years. The total one-time cost of achieving the synergies is estimated at €2.8 billion.

The shareholders of each company would own 50% of the equity of the newly combined group and would therefore share equally in the benefits arising from the combination. The transaction would be affected by way of a merger under a Dutch parent company and the governance structure of the new company would be balanced between the contributing shareholders, with the majority of the directors being independent. The Board would be composed of 11 members. Five Board members would be nominated by FCA (including John Elkann as Chairman) and five would be nominated by Groupe PSA (including the Senior Independent Director and the Vice Chairman)3. The Chief Executive Officer would be Carlos Tavares for an initial term of five years and he would also be a member of the Board.

Carlos Tavares said: “This convergence brings significant value to all the stakeholders and opens a bright future for the combined entity. I’m pleased with the work already done with Mike and will be very happy to work with him to build a great company together.”

Mike Manley said, "I'm delighted by the opportunity to work with Carlos and his team on this potentially industry-changing combination. We have a long history of successful cooperation with Groupe PSA and I am convinced that together with our great people we can create a world class global mobility company."

The new group’s Dutch-domiciled parent company would be listed on Euronext (Paris), the Borsa Italiana (Milan) and the New York Stock Exchange and would continue to maintain significant presences in the current operating head-office locations in France, Italy and the US.

It is proposed that the by-laws of the new combined company would provide that the loyalty voting program will not operate to grant voting rights to any single shareholder in the Shareholders Meeting exceeding 30%4 of the total votes cast. It is also foreseen that there would be no carry over of existing double voting rights but that new double voting rights would accrue after a three-year holding period after completion of the merger.

A standstill in respect of the shareholdings of EXOR N.V., Bpifrance Participations SA, DFG and the Peugeot Family would apply for a period of 7 years following completion of the merger. EXOR, Bpifrance Participations and the Peugeot Family would be subject to a 3-year lock-up in respect of their shareholdings except that the Peugeot Family would be permitted to increase its shareholding by up to 2.5% during the first 3 years following the closing, only by acquiring shares from Bpifrance Participations and DFG.

Prior to the completion of the transaction, FCA would distribute to its shareholders a special dividend of €5.5 billion, as well as its shareholding in Comau. In addition, prior to completion, Peugeot would distribute to its shareholders its 46% stake in Faurecia. This would enable the combined groups’ shareholders to equally share in the synergies and benefits that would flow from a merger while recognizing the significant value of FCA’s differentiated platform in North America and strong position in Latin America, including its market-leading margins in those regions. It would also reflect the added value that FCA’s higher-end global brands Alfa Romeo and Maserati would bring given their substantial development potential.

The extended portfolio would cover all market segments with iconic brands and strong products based on rationalized platforms and optimization of investments.

The proposal would be submitted to the information and consultation process of the relevant employee bodies, and would be subject to customary closing conditions, including final board approvals of the binding Memorandum of Understanding and agreement on definitive documentation.

1 Represents FCA Net Revenues, excluding Magneti Marelli, and Groupe PSA Revenue excluding Faurecia Revenue to Third Parties.

2 Represents FCA Adjusted EBIT, excluding Magneti Marelli, and Groupe PSA Recurring Operating Income excluding Faurecia

3 Employee representatives would be defined based on legal requirements at all levels

4 No blocking minority in a Dutch entity; all the decisions made by simple majority of votes of quorum>50%

 

 

 

[Puntor89]

Dal mio punto di vista sarebbe una scelta ottima, la quadratura del cerchio!

[DarioBi]

6 minutes ago, Puntor89 said:

Dal mio punto di vista sarebbe una scelta ottima, la quadratura del cerchio!

Fare quasi esclusivamente utilitarie e mass market non so quanto sia ottimale 

[HF integrale]

https://www.bloomberg.com/news/articles/2019-10-29/fiat-chrysler-surges-on-report-of-proposed-merger-with-psa-group

 

Secondo Bloomber si preannuncia la svendita di FCA ai francesi, con PSA che compra FCA e ha la maggioranza di rappresentanti nel consiglio di amministrazione.

La fine dell'industria italiana... sai quante vertenze Whirpool ci saranno nel prossimi 5 anni se avviene questa svendita....

Quella con Renault almeno era alla pari anche nei board.....

Ho paura che Elkann ha fretta di svendere.... evidentemente non va così bene il gruppo

[iDrive]

Niente di che... marchi troppi paragonabili... e grande deficit in Asia...

 

Non vale la metà di un accordo con Renault (Nissan) e ancor meno di un accordo con GM o Ford...

 

E in più ci sono i governi Francese... e... Cinese...

 

Spero proprio di no... almeno di una « dominanza » (giustificabile dal punto di vista finanziario e di « potere ») marcata da FCA. Ma questo, come con Renault, il governo Francese non lo farà fare...

[DarioBi]

3 minutes ago, HF integrale said:

https://www.bloomberg.com/news/articles/2019-10-29/fiat-chrysler-surges-on-report-of-proposed-merger-with-psa-group

 

Secondo Bloomber si preannuncia la svendita di FCA ai francesi, con PSA che compra FCA e ha la maggioranza di rappresentanti nel consiglio di amministrazione.

La fine dell'industria italiana... sai quante vertenze Whirpool ci saranno nel prossimi 5 anni se avviene questa svendita....

Quella con Renault almeno era alla pari anche nei board.....

Ho paura che Elkann ha fretta di svendere.... evidentemente non va così bene il gruppo

Che gli agnelli svendano o facciano i gregari credo che sia ben difficile. PSA ha bisogno di uscire dai confini europei e di sbarcare negli usa. In Cina crollano e pare che i cinesi li vogliano mollare. Non hanno una dimensione per acquisire nessun gruppo. E siamo ancora a livello di indiscrezioni.
 

Il forno Renault non credo sia chiuso. Trattare con altri serve pure a mettere loro fretta a ridimensionare le pretese. Sono almeno due i gruppi che agognano a maritarsi con FCA. 

[Davialfa]

16 minuti fa, HF integrale scrive:

https://www.bloomberg.com/news/articles/2019-10-29/fiat-chrysler-surges-on-report-of-proposed-merger-with-psa-group

 

Secondo Bloomber si preannuncia la svendita di FCA ai francesi, con PSA che compra FCA e ha la maggioranza di rappresentanti nel consiglio di amministrazione.

La fine dell'industria italiana... sai quante vertenze Whirpool ci saranno nel prossimi 5 anni se avviene questa svendita....

Quella con Renault almeno era alla pari anche nei board.....

Ho paura che Elkann ha fretta di svendere.... evidentemente non va così bene il gruppo

 

Accidenti che analisi.. O sai qualcosa che non sappiamo o vorrei capire come fai ad arrivare a tutte queste conclusioni cosi nette.

comuqnue se Elkan avesse voluto defilarsi completamente poteva anche accettare le richieste francesi nella fusione con Renault.

 

Io non capisco come si riesca a trarre tutte queste conclusioni da un articolo come quello scritto su bloomber... aspettiamo almeno di vedere qualcosa in più 

[nucarote]

21 minuti fa, DarioBi scrive:

...

Il forno Renault non credo sia chiuso. Trattare con altri serve pure a mettere loro fretta a ridimensionare le pretese. Sono almeno due i gruppi che agognano a maritarsi con FCA. 

IMHO il vero obiettivo di FCA è sempre stata un aggregazione con PSA... vedremo la Marianna a questo giro cosa farà, ma in entrambi i casi non sono molto ottimista.

Per quanto riguarda le gamme e i prodotti avrei preferito più Renault/Nissan effettivamente complementare con FCA.  

[iDrive]

E PSA che ha bisogno del potere globale di FCA, non il contrario... comunque viste le cazzate della nuova dirigenza che si seguono senza limiti, credo che l’addio all’industria Italiana sia la più probabile... peccato...

 

Esattamente il colpo che ha fatto Marchionne con CDJ 10 anni fa. Adesso lo sta fascendo PSA.

 

Alleno salvaguardano Ferrari che sarà sempre più potente.

[DarioBi]

3 minutes ago, iDrive said:

E PSA che ha bisogno del potere globale di FCA, non il contrario... comunque viste le cazzate della nuova dirigenza che si seguono senza limiti, credo che l’addio all’industria Italiana sia la più probabile... peccato...

 

Esattamente il colpo che ha fatto Marchionne con CDJ 10 anni fa. Adesso lo sta fascendo PSA.

 

Alleno salvaguardano Ferrari che sarà sempre più potente.

Ti risulta che FCA stia fallendo? Chi fattura e guadagna di più tra FCA e PSA? Chi dei due copre più continenti? Chi dei due ha marchi ad alto margine attualmente (Jeep e ram)e potenziale (alfa e Maserati)?