Fiat Chrysler-PSA----Consolidação?

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Título: Fiat Chrysler-PSA----Consolidação?

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    Por Defeito Fiat Chrysler-PSA----Consolidação?

    (Bloomberg) -- Fiat Chrysler Automobiles NV and French
    carmaker PSA Group’s talks on a possible combination point to an
    intensifying push for global consolidation in an industry
    struggling with a downturn and expensive shift to electric cars.
    Fiat and PSA confirmed Wednesday in separate statements
    they’re holding discussions aimed at creating one of the world’s
    leading auto groups. PSA shares rose the most in just over a
    year, while Fiat jumped as much as 11%.
    The companies didn’t give details on what any deal would
    look like. Under one recent proposal, the maker of Peugeot brand
    cars would be the acquiring entity and the French side would
    have an advantage in terms of board seats, according to people
    familiar with the matter. PSA’s board is holding an
    extraordinary meeting later Wednesday, said the people who asked
    not to be named because the information isn’t public.
    A merger of Fiat Chrysler and PSA, the No. 2 for car sales
    in Europe, would create a regional powerhouse to rival
    Volkswagen AG, and have a stock-market value of about $49
    billion — comparable to Japan’s Honda Motor Co. The tie-up would
    also bring together two auto-making dynasties, the billionaire
    Agnelli clan in Italy and the Peugeot family of France.
    The talks come several months after Fiat Chrysler and PSA,
    led by Chief Executive Officer Carlos Tavares, explored a
    partnership on pooling investment to build cars in Europe, and
    following the collapse of negotiations between Fiat Chrysler and
    French competitor Renault SA in June.
    Under one recent proposal, Fiat and PSA have discussed
    making Tavares CEO of the combined company while John Elkann,
    scion of the Italian-American automaker’s founding Agnelli
    family, would be chairman, one person said.
    The French government would play a key role in any deal
    because France is one of the biggest owners of PSA, whose brands
    include Peugeot, Opel and Citroen.
    Billionaire Agnellis Make Another Bet on France: Chris
    Bryant
    Analysts greeted word of a possible deal warmly. “In our
    view the combination of FCA and PSA has more logic than the
    previously attempted FCA-RNO deal and has a far greater chance
    of success,” Max Warburton, a Bernstein analyst, wrote in a note
    to clients.
    Fiat shares rose 8.5% to 12.75 euros at 9:17 a.m. in Milan
    while PSA stock was up 7.7% to 26.84 euros in Paris.

    Pressure on Automakers

    Automakers face tremendous pressure to combine forces and
    share costs from platform development to manufacturing and
    purchasing as they battle through trade wars, a global slowdown
    and an expensive shift toward electrification and autonomous
    driving. Volkswagen in July said it will work with Ford Motor
    Co. on electric and self-driving car technology, while Toyota
    Motor Corp. is strengthening ties with partners such as Subaru
    Corp. and China’s BYD Co.
    In Europe, PSA and Fiat Chrysler face the additional burden
    of new emissions regulations that will force the industry to
    meet stringent fleet requirements next year.
    “If completed, we believe this should ignite more rational
    industry behavior around allocation of capital ,and this
    particular merger makes materially more sense than a potential
    FCA-Renault merger,” said Arndt Ellinghorst, an Evercore
    analyst. He said it’s an opportunity to achieve “gross
    synergies” above 7 billion euros ($7.8 billion) by 2023 due to
    overlapping businesses in Europe, Latin America and China.
    The companies’ Chinese businesses have been trailing
    competition and it’s unlikely that a merger would quickly
    reignite their revenue growth in the world’s biggest car market.
    China’s Dongfeng Motor Corp., which holds about 12% of PSA,
    could also have a say on the deal.
    Mega Merger Wouldn’t Fix PSA-Fiat Chrysler’s China Woes
    PSA has been floated as a logical merger partner with Fiat,
    because of their complementary product and geographic fit, and
    the two sides talked about a possible partnership earlier this
    year. However, the Italian-American carmaker instead pursued a
    deal with Renault. Those talks were called off in June amid
    opposition from the French government and a lack of support from
    Renault’s Japanese alliance partner Nissan Motor Co.

    What Bloomberg Intelligence Says

    Fiat Chrysler’s leaned-out figure offers North America
    volume and profit in the form of the Jeep and Ram brands, while
    Peugeot would bring Europe profitability to the marriage.
    Kevin Tynan, Automobiles analyst
    Fiat Chairman Elkann had walked away from the potential
    deal with Renault blaming “political conditions in France.” Fiat
    Chrysler signaled at the time that the French state would have
    to give up its sway over Renault for a resumption of talks,
    people with knowledge of the situation said at the time.
    Tavares said earlier this year that Peugeot would be
    returning to the U.S., which the brand exited in 1991. Tavares
    said the brand will begin shipping vehicles to North America
    from Europe or China in 2026.
    Fiat Chrysler is seen as a laggard in new technologies such
    as electrification and autonomy, which are expected to cost
    automakers billions of dollars over the next decade. The company
    has sought to secure its future with a larger partner for
    several years, dating back to late CEO Sergio Marchionne’s
    failed courtship of General Motors Co. After being rebuffed by
    GM in 2015, rumors of talks with other automakers have swirled
    with varying intensity.


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    Fiat Chrysler and Peugeot parent PSA in merger talks


    in: https://www.ft.com/content/474182c8-...d-4d6c20050229


    in: https://forum.motorguia.net/forum-ge...post1070556809

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