中國企業東風汽車接近入股標緻雪鐵龍

PSA Peugeot Citroën is aiming to produce 1m cars a year in China for Asian markets with local automaker DongFeng, as part of their industrial partnership, according to people briefed on the talks.

知情人士透露，標緻雪鐵龍(PSA Peugeot Citroën)正計劃與中國汽車製造商東風汽車公司(Dongfeng)合作，每年在中國生產100萬輛汽車，並面向亞洲市場銷售。

The two groups have been hammering out an alliance since last year. Under current proposals, Dongfeng and the French state will take a 14 per cent stake in Peugeot as part of an effort to raise 3bn in capital.

兩家公司從去年開始就合作事宜展開了談判。按照當前方案，東風和法國政府將分別持有標緻14%的股份，以助標緻實現30億歐元的籌資計劃。

The struggling French automaker, hit by the worst European car market for two decades and bleeding cash, will use the money to invest in new models and shore up its balance sheet. It is relying on the partnership to boost Asian sales.

歐洲汽車市場遭遇20年來最低迷時刻，加上現金緊缺，讓標緻面臨困境。標緻將利用這筆資金生產新車型，同時強化其資產負債表。該公司希望通過此次合作來提升亞洲市場的銷量。

The joint venture will produce cars under Peugeot, Citroën and Fengshen brands, using common platforms and supply chains, and sharing research and development costs.

合資企業將生產“標緻”(Peugeot)、“雪鐵龍”(Citroën)和“風神”(Fengshen)品牌的汽車，共享平臺和供應鏈，並共同承擔研發費用。

Peugeot and Dongfeng plan to increase car sales into China and south-east Asian markets to 1m cars a year in the next three to four years. Total PSA group sales in 2012 were 3m units.

標緻和東風計劃在今後3到4年內，將中國和東南亞市場每年的汽車銷量提高到100萬輛。整個PSA集團在2012年的銷量爲300萬輛。

One area of potential R&D collaboration will be over the Hybrid Air, a complex technology to reduce fuel consumption.

雙方可能展開研發合作的一個領域將是“空氣混合動力”(Hybrid Air)技術。這項複雜的技術能夠降低油耗。

Peugeot also hopes to receive a stream of revenue from sharing its technology with the joint venture.

標緻也希望通過向合資公司分享自己的技術來獲得穩定的收入。

Dongfeng, Peugeot and the French government are still in talks over the exact nature of the financial and industrial agreement.

東風、標緻和法國政府仍在就金融和工業協議的實質性內容展開談判。

Peugeot said last week the talks were in their final stages, confirmed the 3bn capital increase, and said it would give more clarity when it released annual results on February 19.

標緻上週表示，談判已經到了最後階段，並證實了30億歐元的增資計劃。該公司還稱，將在2月19日發表年報時公佈更多細節。

The price of the share issue, thought to be between 7 and 8 a share, is still unknown. Any deal would still need shareholder approval.

新股發行價目前仍未確定，但預計將在7歐元至8歐元之間。所有交易仍需獲得股東的批准。

Shareholders will be given warrants, allowing the option to buy shares at the same price as the share issue.

原有股東將被授予權證，這讓他們擁有以發行價購買新股的選擇權。

A reserve capital increase, giving stakes to Dongfeng and the government, will be followed by a broader capital increase, to which Dongfeng and the government will also subscribe.

PSA首先會向東風和法國政府出售股權來增加資本公積金，然後是在股市進行更廣泛的融資——東風和法國政府也將進行認購。

Under the current form of the agreement, the Peugeot family will lose control of the company it created more than 100 years ago, moving from its 25 per cent stake and 38 per cent voting right to just a 14 per cent stake.

就目前的協議內容來看，標緻家族持有的25%的股權和38%的投票權，屆時將被稀釋爲14%的持股比例，它將失去這家自己在100多年前創建的公司的控制權。

The family is set to lose its chairmanship of the board under these circumstances, to be replaced by an independent figure.

在此情形下，董事會主席職務也不再由標緻家族的人擔任。該職位將由獨立人士擔任。

The make-up of the board has not been decided, but under current proposals each of the three main shareholders will get an equal number of board seats.

目前董事會成員尚未確定，但按照當前協議，3大股東將平分董事會席位。

A majority of independent directors will be appointed for balance.

爲獲得平衡，絕大多數獨立董事將由公司指定。

This might allay some investor fears that having three very different powerful owners – Beijing, the family and the Elysée Palace – will make decision making difficult. The French press have dubbed the company the “lion with three heads”.

先前有投資者擔心，北京方面、標緻家族和法國政府這三方勢力會造成決策難產，但上述舉措或許能緩解他們的憂慮。法國媒體給這家公司起了個綽號：“三頭獅子”。

Peugeot is also in talks with Santander over a deal to sell part of its financing arm, currently reliant on 7bn in French state guarantees – all in a bid to leave Carlos Tavares a clean slate when he takes over as chief executive this year.

標緻還正在與西班牙桑坦德銀行(Santander)就一筆出售其部分融資業務的交易展開談判。這些業務目前獲得了法國政府70億歐元的貸款擔保。所有這些舉措都是爲將於今年接任首席執行官的卡洛斯•塔瓦爾(Carlos Tavares)甩掉歷史包袱。

In an existing partnership, Dongfeng and Peugeot operate three assembly plants together in China. The Wuhan-based company also has joint ventures with Honda, Nissan, and Renault.

東風和標緻目前在中國合作運營着3家汽車裝配廠。其中位於武漢的裝配廠還與本田(Honda)、日產(Nissan)和雷諾(Renault)有合作關係。