標緻公司將要完成30億歐元注資

PSA Peugeot Citroën’s board has approved an outline deal to raise cash by selling stakes to China’s Dongfeng and the French government, clearing the way for final negotiations over terms, writes Michael Stothard.

PSA標緻雪鐵龍（PSA Peugeot Citroën，簡稱“標緻”）的董事會批准了一項通過向中國東風(Dongfeng)和法國政府出售股份來籌資的框架性協議，爲最終的條款談判掃清了道路。

The carmaker will hammer out a deal in the next few weeks to raise about 3bn from investments by the two parties and a share sale.

這家汽車製造商將在未來幾周內敲定協議，通過上述兩方的投資和售股籌集約30億歐元。

Peugeot, hit hard by the worst European car market for two decades and bleeding cash, says it needs the investment to stay competitive and to reduce its reliance on moribund European markets.

“標緻”遭受了20年來最低迷歐洲汽車市場和“燒錢”的沉重打擊。該公司表示，它需要投資來保持競爭力，並減少對死氣沉沉的歐洲市場的依賴。

The Financial Times reported last month that Peugeot and Dongfeng had agreed the outlines of an industrial and commercial partnership, including an expected deal to produce low-cost small cars for southeast Asian markets.

英國《金融時報》上月報道稱，“標緻”和東風已就工業和商業層面的合作達成框架性協議，包括一份預期將達成的面向東南亞市場生產低成本小型汽車的協議。

Peugeot declined to comment on the board meeting or the capital increase, although it has admitted being in talks with Dongfeng.

“標緻”拒絕就董事會會議或增資計劃置評，不過它承認確實在與東風談判。

Under the proposal, Paris and Dongfeng would each acquire about a 14 per cent stake at 7.50 to 8 per share, or about 750m, according to Les Echos, a French newspaper. The rest of the 3bn would come from a rights issue to shareholders and a subsequent issue of shares on the market, the newspaper report said.

據法國《回聲報》(Les Echos)報道，根據提議，法國政府和東風將以每股7.5至8歐元的價格各自買下約14%的股份（相當於各自出資約7.5億歐元）。該報報道稱，30億歐元中其餘資金將通過向股東配股以及後續在市場上發行新股來籌集。

The shares were down 5 per cent yesterday, not helped by the group reporting a 4.9 per cent sales decline to 2.82m vehicles in 2013.

“標緻”股價昨日下跌5%，部分原因是該公司報告2013年銷量下滑4.9%，至282萬輛。

An injection of 3bn would result in the Peugeot family losing control of the business it founded in 1882.

30億歐元的注資將讓標緻家族對這家自己創建於1882年的企業失去控股權。

Thierry Peugeot, chairman, has been reluctant to back the capital increase plan, which is supported by Robert Peugeot, who heads the family holding company, and outgoing chief executive Philippe Varin, according to people close to the family.

與標緻家族關係密切的人士稱，董事長蒂埃裏•標緻(Thierry Peugeot)一直不支持增資計劃，而標緻家族控股企業負責人羅貝爾•標緻(Robert Peugeot)、以及即將卸任的首席執行官菲利普•瓦蘭(Philippe Varin)則支持這一計劃。

Dongfeng is one of China’s largest car manufacturers with annual revenues of $63bn.

年度營收達630億美元的東風是中國最大汽車製造商之一。

It already operates manufacturing ventures with Peugeot, Honda, Kia and Nissan – and last week signed a partnership agreement with Renault.

東風與標緻、本田(Honda)、起亞(Kia)和日產(Nissan)均合資設立了工廠，上月還與雷諾(Renault)簽署了合作協議。

If completed and approved by Beijing, Dongfeng’s tie-up with Peugeot could catapult it on to the global stage – a first for a Chinese state-owned carmaker.

如果與標緻聯姻的協議完成並得到中國政府批准，東風可能由此躋身世界級車企之列，這對中國國有汽車製造商而言將是首例。

Najat Vallaud-Belkacem, a government spokeswoman, said on RTL radio yesterday that Peugeot had a new industrial partner and the French state was “deeply attached” to the carmaker.

法國政府女發言人納賈德•瓦洛-貝勒卡西姆(Najat Vallaud-Belkacem)昨日在RTL電臺上表示，標緻有了一個新的產業合作伙伴，法國政府也對這家汽車製造商“深切關心”。