Familie Peugeot verhoogt belang in Franse autofabrikant PSA tot 14,38% – Reuters India

Familie Peugeot verhoogt belang in Franse autofabrikant PSA tot 14,38% – Reuters India

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FILE PHOTO: The logo of French car manufacturer Peugeot is seen at the 33th Auto Zurich Car Show in Zurich, Switzerland, Oct. 31, 2019. REUTERS/Arnd Wiegmann/File Photo

PARIS (Reuters) – Peugeot family holding company FFP said on Wednesday it has raised its stake in French carmaker PSA by 2% to 14.38 percent%.

FFP also said in a statement it also holds 19.36% of PSA’s voting rights.

The holding company said its investment was part of the forthcoming merger of PSA and Italian-American carmaker Fiat Chrysler Automobiles in a combined company to be called Stellantis.

Reporting by Matthieu Protard; Editing by Chris Reese

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Peugeot-familie verhoogt belang in Franse autofabrikant PSA tot 14,38% – Reuters UK

Peugeot-familie verhoogt belang in Franse autofabrikant PSA tot 14,38% – Reuters UK

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FILE PHOTO: The logo of French car manufacturer Peugeot is seen at the 33th Auto Zurich Car Show in Zurich, Switzerland, Oct. 31, 2019. REUTERS/Arnd Wiegmann/File Photo

PARIS (Reuters) – Peugeot family holding company FFP said on Wednesday it has raised its stake in French carmaker PSA by 2% to 14.38 percent%.

FFP also said in a statement it also holds 19.36% of PSA’s voting rights.

The holding company said its investment was part of the forthcoming merger of PSA and Italian-American carmaker Fiat Chrysler Automobiles in a combined company to be called Stellantis.

Reporting by Matthieu Protard; Editing by Chris Reese

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PSA biedt aan om de capaciteit voor Toyota op te voeren om de EU oké te krijgen voor Fiat-deal: bronnen – Reuters

PSA biedt aan om de capaciteit voor Toyota op te voeren om de EU oké te krijgen voor Fiat-deal: bronnen – Reuters

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FILE PHOTO: The logo of French car manufacturer Peugeot is seen at the 33th Auto Zurich Car Show in Zurich, Switzerland, Oct. 31, 2019. REUTERS/Arnd Wiegmann/File Photo

BRUSSELS/MILAN (Reuters) – French carmaker PSAPEUP.PAhas offered to increase the production capacity for Japanese rival Toyota7203.Tin their joint venture in a bid to win EU antitrust okay for its FiatFCHA.MIdeal, people familiar with the matter said on Friday.

The aim is to sell some light commercial vehicle production capacity to Toyota, one of the sources said. Another source said PSA would sell the vans at close to margin prices.

The European Commission is worried that the deal may harm competition in small vans in 14 EU countries and Britain. The car makers earlier on Friday submitted their proposal to the EU competition enforcer.

Reporting by Foo Yun Chee in Brussels and Giulio Piovaccari in Milan

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PSA biedt aan om de capaciteit voor Toyota op te voeren om de EU akkoord te laten gaan met de Fiat-deal: bronnen – Reuters Canada

PSA biedt aan om de capaciteit voor Toyota op te voeren om de EU akkoord te laten gaan met de Fiat-deal: bronnen – Reuters Canada

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FILE PHOTO: The logo of French car manufacturer Peugeot is seen at the 33th Auto Zurich Car Show in Zurich, Switzerland, Oct. 31, 2019. REUTERS/Arnd Wiegmann/File Photo

BRUSSELS/MILAN (Reuters) – French carmaker PSAPEUP.PAhas offered to increase the production capacity for Japanese rival Toyota7203.Tin their joint venture in a bid to win EU antitrust okay for its FiatFCHA.MIdeal, people familiar with the matter said on Friday.

The aim is to sell some light commercial vehicle production capacity to Toyota, one of the sources said. Another source said PSA would sell the vans at close to margin prices.

The European Commission is worried that the deal may harm competition in small vans in 14 EU countries and Britain. The car makers earlier on Friday submitted their proposal to the EU competition enforcer.

Reporting by Foo Yun Chee in Brussels and Giulio Piovaccari in Milan

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Fiat en PSA bieden concessies om EU-mededingingsbezwaren over fusies weg te nemen – Reuters UK

Fiat en PSA bieden concessies om EU-mededingingsbezwaren over fusies weg te nemen – Reuters UK

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BRUSSELS/MILAN (Reuters) – Peugeot maker PSAPEUP.PAhas offered to boost Japanese rival Toyota7203.Tto try to address EU antitrust concerns about its plan to create the world’s fourth-biggest carmaker with Fiat Chrysler (FCA), people familiar with the matter said on Friday.

PSA has offered to increase the production capacity for Toyota in their van joint venture, one of the sources said. Another source said the French company would sell the vans at close to cost price.

PSA makes vans for Toyota in its Sevelnord plant in northern France. The van collaboration started in 2012.

PSA submitted its offer to the European Commission earlier on Friday, three months after the EU enforcer opened a full-scale investigation into the deal with FCAFCHA.MIon concerns that it would hurt competition in small vans in 14 EU countries and Britain.

“As of now, the transaction has obtained merger clearance in fourteen jurisdictions. As previously stated, closing of the transaction is expected to occur in the first quarter of 2021,” PSA and FCA said in a joint statement.

The Commission, which temporarily halted its investigation into the deal in July while waiting for the companies to provide requested data, did not set a deadline for its decision.

“The deadline is still suspended. This procedure in merger investigations is activated if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them,” the EU executive said.

It is now expected to seek feedback from customers and rivals before deciding whether to demand more concessions, or either clear or block the deal.

Reporting by Foo Yun Chee, editing by Louise Heavens and Mark Potter

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Peugeot keert in 2022 terug naar Le Mans

Peugeot keert in 2022 terug naar Le Mans

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PeugeotSport announced Friday that it will return to top-tiermotorsportsin collaboration with works team Total, fielding a newLe MansHypercar Prototype in 2022. The announcement came in the lead-up to the 88th running of the famous 24 Hours of Le Mans, which will be held this weekend after being postponed due to the global coronavirus pandemic. 

“Le Mans is the holy grail of the automobile world,” said Peugeot CEO Jean-Philippe Imparato in the company’s announcement. “It is the race who determines its winner. For us, this represents 3 victories but also the endless sweat, tears and joy and an incredible team spirit with TOTAL, with whom we celebrate this year, 25 years of collaboration.”

The announcement was accompanied by a video titled “Back to Le Mans,” which you can check out below. Take note, it’s in French but contains English subtitles.  

Peugeot shared renderings of its LMH Prototype concept sporting a simple black livery with bright green highlights, which is a pretty big departure from thelast Hypercar conceptwe saw from the French automaker. The hybrid-electric hypercar will produce 670 horsepower, Peugeot says, and be all-wheel drive, conforming with therulesfor the new unified Hypercar endurance racing classes. 

This means a maximum output of 500 kW (670.5 horsepower, down from 750 hp first set for the Hypercar class) and a minimum weight of 1,030 kilograms (2,271 pounds), down from 1,100 kg (2,425 pounds). With that established, LMDh and LMH cars would still need to run together in order to establish the beginning of a Balance of Performance formula. In a nod to WEC, competitors in Hypercar must build at least 20 road cars based on their prototypes within two years of joining the series.

While this year may have been a bumpy one for motorsports, the return of legendary participants such as Peugeot andRenaultsuggest that there’s plenty of life left in endurance racing. 

Related Video:


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Herstel in Franse registraties van nieuwe auto's in augustus – Reuters

Herstel in Franse registraties van nieuwe auto's in augustus – Reuters

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PARIS, Sept 1 (Reuters) – New car registrations in France fell nearly 20% year on year in August for their first drop since May’s reopening of dealerships after a strict coronavirus lockdown.

France’s CCFA association of carmakers said registrations of passenger vehicles were 103,631 last month, adding that the year-on-year decline was exacerbated by strong numbers in the same month last year when rules on car emissions tests and requirements changed.

Registrations last month were largely in line with the more normal trends seen in August 2015, 2016 and 2017, it said.

But CCFA spokesman Francois Roudier said that the rest of 2020 remains uncertain despite a healthy order book, with registrations for the year as a whole likely to be down by between 25% and 30%.

French consumer confidence held steady in August, official indicators show.

New French car registrations at Peugeot-maker PSA in August declined 8.4% from a year earlier while rival Renault suffered a decline of nearly 20%. (Reporting by Gilles Guillaume Writing by Sarah White Editing by David Goodman)

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PERS DIGEST – Financial Times – 15 september – Reuters UK

PERS DIGEST – Financial Times – 15 september – Reuters UK

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Sept 15 (Reuters) – The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

– UBS chairman maps out Credit Suisse mergeron.ft.com/3kbmeMW

– Parma football club poised for sale to America’s Krause familyon.ft.com/2ZTKdsz

– PSA and Fiat Chrysler overhaul terms of 50 bln euro mergeron.ft.com/33wDB4f

– G4S faces 3 bln pound hostile takeover bid from private equity-backed groupon.ft.com/2ZEWroJ

Overview

– UBS Group AG Chairman Axel Weber is eyeing a merger with Credit Suisse that would create a unified Swiss champion in wealth management and investment banking.

– U.S. billionaire Krause family is nearing an agreement to acquire a majority stake in Italian football club Parma, valuing the club at more than 100 million euros ($118.65 million).

– Peugeot maker PSA and Fiat Chrysler said on Monday they have overhauled the terms of their 50 billion euro merger to preserve more cash within the combined business.

– UK security group G4S is facing a 3 billion pound ($3.85 billion) hostile takeover bid backed by the private equity firm BC Partners.

$1=0.8428 euros $1=0.7783 pounds Compiled by Bengaluru newsroom

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Fiat Chrysler, Peugeot-maker PSA herzien fusievoorwaarden vanwege COVID-19-crisis – Reuters India

Fiat Chrysler, Peugeot-maker PSA herzien fusievoorwaarden vanwege COVID-19-crisis – Reuters India

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PARIS/MILAN (Reuters) – Peugeot maker PSAPEUP.PAand Fiat Chrysler (FCA) have restructured the terms of their planned merger to conserve cash, and also stepped up the promised levels of cost cutting during the pandemic.

The two companies, which are set to merge into Stellantis, the world’s fourth-largest carmaker, said in a joint statement late on Monday that FCAFCHA.MIwould cut to 2.9 billion euros ($3.4 billion) the cash portion of a 5.5 billion euro special dividend its shareholders will receive under the terms of the accord they signed last year.

France’s PSA, whose brand portfolio also includes Citroen and Opel, will in turn postpone the planned spinoff of its 46% stake in parts maker FaureciaEPED.PAuntil after the merger’s closing and extend it to all shareholders of the new group.

Faurecia’s market capitalisation is around 5.9 billion euros.

“Amendments preserve the balance of original combination agreement,” the two groups said, adding that ownership of Stellantis would still be split 50/50 between current PSA and FCA shareholders.

A source said on Monday that the aim of those changes was to reinforce the balance sheet structure of both companies after the COVID-19 crisis and ensure that the merger plan is concluded as soon as possible.

Analysts had argued that such a large cash payout to FCA shareholders, led by controlling investor EXOREXOR.MI, the holding company of Italy’s Agnelli family, could weaken the new carmaker’s finances, as the auto industry is paying a high price for the coronavirus outbreak.

Confirming last week that the deal was on track, FCA Chief Executive Mike Manley said both he and PSA CEO Carlos Tavares were aware of the need for the two firms to get to the merger with the strongest balance sheets possible as well as for shareholders to get what they expected.

FCA and PSA said annual estimated synergies from their merger were now seen at more than 5 billion euros, compared with an initial estimate of over 3.7 billion.

The two carmakers confirmed that they expect to complete the tie-up process by the end of the first quarter of 2021.

Both earlier this year scrapped dividend payments on 2019 results, each worth 1.1 billion euros.

Reporting by Gilles Guillaume in Paris and Giulio Piovaccari in Milan; editing by Peter Cooney, Keith Weir and Jason Neely

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Fiat Chrysler, PSA-aandelen stijgen na herziening fusieovereenkomst – Reuters

Fiat Chrysler, PSA-aandelen stijgen na herziening fusieovereenkomst – Reuters

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MILAN (Reuters) – Shares in Fiat Chrysler (FCA)FCHA.MIrose sharply in Milan on Tuesday after the car maker and French partner PSAPEUP.PArevised the terms of their merger deal, with FCA’s shareholders getting a smaller cash payout but a stake in another business.

FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe/Files

FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world’s fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector.

Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%.

Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger.

However, PSA will for its part delay the planned spin-off of its 46% stake in car parts maker FaureciaEPED.PAuntil after the deal is finalised. That means all Stellantis shareholders – and not just the current PSA investors – will get shares in a company which has a market value of 5.8 billion euros.

Based on Stellantis’ 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia.

Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis’ balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion.

There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021.

“All told, the two players emerge as winners,” broker ODDO BHF said in a note.

“Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros).”

The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company’s Italian business.

“These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups’ share performances,” ODDO BHF said.

PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.

Both companies have this year scrapped dividend payments on 2019 results, each worth 1.1 billion euros, as the sector grapples with the pandemic which has sent car sales plunging.

FCA CEO Mike Manley had said last week he and PSA CEO Carlos Tavares were aware of the need for the two firms to get to the merger with the strongest balance sheet possible.

“It was a courageous and realistic move by management given the need to hang on to liquidity,” Roberto Lottici, fund manager at Banca Ifigest in Milan, said.

($1=0.8415 euros)

Reporting by Giulia Segreti in Rome, Giancarlo Navach and Stephen Jewkes in Milan, Sudip Kar-Gupta and Gwenaelle Barzic in Paris; writing by Valentina Za; Editing by Kirsten Donovan, Keith Weir and Jon Boyle

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