Scelte strategiche gruppo Stellantis NV

[4200blu]

https://europe.autonews.com/automakers/psa-denies-fca-merger-risk-virus-fallout

 

PSA denies FCA merger at risk from virus fallout

PARIS — PSA Group said it remains committed to a merger with Fiat Chrysler Automobiles after French media reports said the tie-up could be threatened by economic fallout from the coronavirus outbreak, which has sharply reduced the market capitalization of both companies.

The coronavirus fallout has called into question the financial terms of the merger, sources who are working on the transaction told the Paris-based Agence France-Presse news agency. The terms of the deal, which has been described as a merger of equals by both companies, might need to be reviewed, the French financial daily Les Echos said.

PSA and FCA signed a memorandum of understanding in December and said the merger could close in 12 to 18 months. Teams in France and Italy and working on operational details and submitting documents to relevant antitrust authorities, but they are allowed only limited contact until the closing.

The terms of the deal agreed to in December call for FCA shareholders to receive a special dividend of 5.5 billion euros. PSA shareholders would receive the automaker's 46 percent share of Faurecia, a French supplier in which PSA holds a controlling interest and which would be spun off as part of the deal. The crisis has reduced the value of Faurecia.

The question of proposed dividends is a sensitive one, as automakers seek to preserve cash to weather the crisis. In addition, if the global economy plunges into recession, automakers might need government-backed loans to cover expenses.

"If PSA or FCA appeal to the state, how could they justify asking taxpayers for billions and distributing billions to their shareholders at the same time?" Gregori Volokhine of Meeschaert Financial Services told Agence France-Presse. 

FCA said it would not comment on the reports.

 

PSA said in a statement that in the context of the coronavirus crisis, it would be "inappropriate to be speculating about modifications of the deal conditions. We are completely focused on protecting our employees and our company."

PSA added: "We are taking the necessary decisions to ensure group sustainability. More than ever, this merger makes sense. Our teams continue to work with the same commitment."

Falling market caps

The merger would create the world’s fourth-largest automaker, with the aim of spreading the costs of expensive new technologies and taking advantage of greater scale.

In December, the two companies had a combined market capitalization of around 42 billion euros, with FCA having a slight edge. The special dividends were agreed to in part to equalize the values of the companies.

But movement and work restrictions put in place to combat the spread of the coronavirus have shuttered factories and showrooms for both companies. Chinese plants are starting up again, but neither PSA nor FCA has a strong presence there.

FCA's share price has fallen from around 15 euros at the end of last October, when the proposed merger was announced, to less than 7 euros on Thursday, for a market capitalization of about 10.5 billion euros.

PSA shares have fallen from around 23 euros at the end of October to around 12 euros on Thursday, for a market capitalization of 11.2 billion euros. Faurecia's market capitalization has shrunk by a third.

According to the merger agreement, there is a 500-million-euro termination fee in case of "change of board recommendation" and a 250-million-euro fee in case "the board has failed to hold a vote of shareholders before March 31 2021." For example, if PSA’s board votes against the merger, the company would have to pay FCA the fee.

[Daniele1981]

On 6/1/2020 at 00:48, Davialfa scrive:

beh se non sbaglio avevano presentato qualche mese fa il ducato my2020 con diverse modifiche ( adas, cambio, motori, estetica lievemente, multimedia) e con anche l’arrivo della variante elettrica.

Credo sia gia’ ordinabile.

Se invece parli di una versione completamente nuova, dubito arriverà tanto presto, considerato appunto quanto presentato poco fa.

Speravo entro 2021. La plancia è uguale da dodicianni!Non è che l'elettrico sia camuffato nella carrozzeria vecchia prima della produzione in quantitativo?Ora elettrici ho letto che li fanno per fare da cavia a certi clienti.Sembra.Puo' essere?Infatti ne fanno 80 pezzi all'anno!

Eppoi nuovo? .Giuro che sono andato in concessionaria e non sapevano neppure loro della versione 2020. Gli ho detto che ne ho sentito parlare su internet. 

Vabbè che poi quando gli ho contestato l'offerta che aveva mezzi con le vecchie motorizzazioni  hanno verificato che effettivamente c'era un'aggiornamento.Li ho informati!

[4200blu]

PSA opens door for possible revision of FCA deal dividends

 

PARIS -- PSA Group has laid the groundwork for a possible revision of the terms of its combination with Fiat Chrysler Automobiles.

PSA and FCA agreed in December to each pay an ordinary dividend of 1.1 billion euros ($1.2 billion) to shareholders as part of their planned merger to create the world fourth-biggest auto manufacturer.

The deal was negotiated before the coronavirus pandemic halted car production and triggered a worldwide slump in demand, almost halving the companies’ share prices.

As PSA Chief Financial Officer Philippe de Rovira detailed the severity of the damage inflicted by the health crisis on PSA and the broader European car industry, he said there has been no final decision on the payout. The company has postponed its annual general meeting to June 25 from May 14, delaying any confirmation.

The planned move "remains an open question" and any change would have to be agreed by both PSA and FCA as specified in the merger deal, De Rovira said during a call with analysts on Tuesday.

PSA has not made any comment on the financial terms of the agreement, he added.

A spokesperson for Fiat declined to comment.

PSA, which builds Peugeot, Citroen, Vauxhall and Opel vehicles, is one of the most vulnerable to a downturn in Europe, where the virus outbreak has paralyzed public life.

Car sales in the region fell 52 percent in March, the most on record, as showrooms closed and production came to a halt. PSA has forecast the European market could contract by a quarter this year and around 80 percent in April.

One factor weighing on European companies as they consider shareholder rewards are warnings from countries including France and Germany that aid packages such as state-backed loans or bailouts won’t be extended to those paying dividends.

PSA hopes to avoid tapping French government loans, which could complicate the merger with FCA.

"We have not taken any loan guaranteed by any state," De Rovira said. "We want the company to be as free as possible of public dependence."

PSA posted a 16 percent slump in first-quarter sales. The company has slashed costs, shed its temporary workers and put about 90 percent of full-time employees on government-paid furlough schemes in a bid to shore up liquidity.

De Rovira said any decision to restart factories in Europe would have to be accompanied by a reopening of dealerships to avoid a build up in inventories.

 

https://europe.autonews.com/automakers/psa-opens-door-possible-revision-fca-deal-dividends

[TONI]

inevitabilmente i parametri iniziali stabiliti come base dell' accordo sono cambiati ed è probabile che debbano capire cosa convenga fare ; nello specifico il discorso dei dividendi da non dare agli azionisti è un fattore penso fondamentale perchè i principali incassatori sarebbero le due famiglie che molto probabilmente con quei soldi pensavano di fare altro business

dovranno valutare se convenga incassare i dividendi o gli incentivi statali ; questi ultimi però arriverebbero solo sul lato PSA mentre per FCA non si è sentito nulla da parte di Italia/USA

E questo spiega il freddo no comment da parte FCA

[iDrive]

FCA valuterà il super dividendi a Giugno.

 

Non serve commentare prima.

[stev66]

Se JE  odorera' puzza di fregatura in salsa bearnese, farà saltare il banco in un micro secondo. ?

[iDrive]

E tutto quello che mi auguro.

 

Salve soldoni e relativa leadership di un super gruppo, non vedo molto vantaggi in questa fusione con l’aggravio di avere stati Francesi e Cinesi in board o negli azionisti... Mentre per i Peugeot porta vantaggi ENORMI.

 

Per ciò, o ci sarà una montagna di soldi (per me i 5.5 + 1.1Md sono ben pochi), o spero che lasceranno stare...

[The Krieg]

9 minuti fa, iDrive scrive:

E tutto quello che mi auguro.

 

Salve soldoni e relativa leadership di un super gruppo, non vedo molto vantaggi in questa fusione con l’aggravio di avere stati Francesi e Cinesi in board o negli azionisti... Mentre per i Peugeot porta vantaggi ENORMI.

 

Per ciò, o ci sarà una montagna di soldi (per me i 5.5 + 1.1Md sono ben pochi), o spero che lasceranno stare...

Ma come fanno a fare dividendi del genere con questa crisi? Non vorrebbe dire mettere in bilico il futuro dell'azienda?

[Auditore]

Adesso, The Krieg scrive:

Ma come fanno a fare dividendi del genere con questa crisi? Non vorrebbe dire mettere in bilico il futuro dell'azienda?

In effetti è quasi impensabile; certo si potrebbe risolvere non facendo una fusione paritaria...

[The Krieg]

1 minuto fa, Auditore scrive:

In effetti è quasi impensabile; certo si potrebbe risolvere non facendo una fusione paritaria...

Li vedo proprio i francesi fare una fusione sbilanciata in favore degli italiani ?