中国企业东风汽车接近入股标致雪铁龙

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，标致雪铁龙(PSA Peugeot Citroën)正计划与中国汽车制造商东风汽车公司(Dongfeng)合作，每年在中国生产100万辆汽车，并面向亚洲市场销售。

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.

两家公司从去年开始就合作事宜展开了谈判。按照当前方案，东风和法国政府将分别持有标致14%的股份，以助标致实现30亿欧元的筹资计划。

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.

欧洲汽车市场遭遇20年来最低迷时刻，加上现金紧缺，让标致面临困境。标致将利用这笔资金生产新车型，同时强化其资产负债表。该公司希望通过此次合作来提升亚洲市场的销量。

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

合资企业将生产“标致”(Peugeot)、“雪铁龙”(Citroën)和“风神”(Fengshen)品牌的汽车，共享平台和供应链，并共同承担研发费用。

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.

标致和东风计划在今后3到4年内，将中国和东南亚市场每年的汽车销量提高到100万辆。整个PSA集团在2012年的销量为300万辆。

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

双方可能展开研发合作的一个领域将是“空气混合动力”(Hybrid Air)技术。这项复杂的技术能够降低油耗。

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

标致也希望通过向合资公司分享自己的技术来获得稳定的收入。

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

东风、标致和法国政府仍在就金融和工业协议的实质性内容展开谈判。

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.

标致上周表示，谈判已经到了最后阶段，并证实了30亿欧元的增资计划。该公司还称，将在2月19日发表年报时公布更多细节。

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.

新股发行价目前仍未确定，但预计将在7欧元至8欧元之间。所有交易仍需获得股东的批准。

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

原有股东将被授予权证，这让他们拥有以发行价购买新股的选择权。

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首先会向东风和法国政府出售股权来增加资本公积金，然后是在股市进行更广泛的融资——东风和法国政府也将进行认购。

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.

就目前的协议内容来看，标致家族持有的25%的股权和38%的投票权，届时将被稀释为14%的持股比例，它将失去这家自己在100多年前创建的公司的控制权。

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，董事会主席职务也不再由标致家族的人担任。该职位将由独立人士担任。

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.

目前董事会成员尚未确定，但按照当前协议，3大股东将平分董事会席位。

A majority of independent directors will be appointed for balance.

为获得平衡，绝大多数独立董事将由公司指定。

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”.

先前有投资者担心，北京方面、标致家族和法国政府这三方势力会造成决策难产，但上述举措或许能缓解他们的忧虑。法国媒体给这家公司起了个绰号：“三头狮子”。

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.

标致还正在与西班牙桑坦德银行(Santander)就一笔出售其部分融资业务的交易展开谈判。这些业务目前获得了法国政府70亿欧元的贷款担保。所有这些举措都是为将于今年接任首席执行官的卡洛斯•塔瓦尔(Carlos Tavares)甩掉历史包袱。

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.

东风和标致目前在中国合作运营着3家汽车装配厂。其中位于武汉的装配厂还与本田(Honda)、日产(Nissan)和雷诺(Renault)有合作关系。