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雷諾與菲亞特合并:即將煮熟的鴨子飛了

雷諾與菲亞特合并:即將煮熟的鴨子飛了

Daniele Lepido, Ania Nussbaum, Tommaso Ehhardt, 彭博社 2019-06-11
這家法國汽車制造商推遲交易批準(zhǔn)決定,菲亞特克萊斯勒隨后也撤回了合并要約。

就在雷諾公司董事會(huì)即將批準(zhǔn)與菲亞特克萊斯勒的合并交易之際,這家法國汽車制造商卻在多天內(nèi)第二次推遲交易批準(zhǔn)決定。隨后,菲亞特克萊斯勒撤回了合并要約。

雷諾董事會(huì)在當(dāng)?shù)貢r(shí)間上周四早上結(jié)束了一次長達(dá)數(shù)小時(shí)的會(huì)議,沒有對此事進(jìn)行表決,因?yàn)榇饲袄字Z最重要的股東法國政府要求該公司審慎行事,推遲交易批準(zhǔn)日期。雷諾在菲亞特克萊斯勒撤回要約之前發(fā)表的聲明中稱,公司將繼續(xù)“饒有有興趣地”評估這份要約。

菲亞特克萊斯勒將撤約一事歸咎于法國政府,因?yàn)樽?月27日該交易宣布以來,法國政府在裁員、治理和其他事宜方面不斷加碼。

這家生產(chǎn)吉普SUV和Ram皮卡的汽車制造商“依然堅(jiān)信這份要約擁有令人信服的、變革性的合理依據(jù)”。菲亞特克萊斯勒還表示,“這份經(jīng)過仔細(xì)權(quán)衡的要約能為各方帶來巨大的利益”。 “然而,我們明顯看到,法國目前不具備成功開展這一合并的政治條件。”

作為菲亞特創(chuàng)建家族阿涅利家族的掌舵人,菲亞特克萊斯勒的董事長約翰·埃爾坎希望通過這項(xiàng)要約打造全球第三大汽車制造商,因此撤約對他來說是一個(gè)巨大的失利。此前,埃爾坎與雷諾的跨城競爭對手標(biāo)致集團(tuán)進(jìn)行了磋商,然后決定選擇一條風(fēng)險(xiǎn)更大的途徑——無視雷諾與政府之間的復(fù)雜關(guān)系及其與聯(lián)盟伙伴日產(chǎn)之間的緊張氣氛,向該公司拋出了合并要約。

看似即將要煮熟的鴨子竟然飛了,這讓雷諾董事長盛納德陷入了困境。他曾經(jīng)試圖拉攏這家法國汽車制造商的所有支持者,但未能成功。除了法國政府提出的各項(xiàng)要求以外,工會(huì)表達(dá)了對裁員方面的顧慮,而日產(chǎn)則忙于收拾雷諾日產(chǎn)聯(lián)盟董事長卡洛斯·戈恩被免職后留下的爛攤子。

知情人士稱,雷諾董事會(huì)原本準(zhǔn)備批準(zhǔn)這項(xiàng)交易,日產(chǎn)的代表則投了棄權(quán)票。知情人士還透露,法國政府代表要求推遲表決,因?yàn)榉▏俜酱饲懊鞔_表示需要先與日本當(dāng)局進(jìn)行磋商,然后再做決定。一名知情人士補(bǔ)充說,法國財(cái)政部部長布魯諾·勒梅爾計(jì)劃在不久后訪問日本。

一位出于基本規(guī)定要求不能透露其身份的法國政府官員表示,法方需要更多時(shí)間來打消日方的顧慮,并對交易進(jìn)行解釋。他還表示,法國政府對菲亞特克萊斯勒倉促撤約之舉感到吃驚。

財(cái)政部長發(fā)言人并未回復(fù)置評請求。

最近幾天,針對菲亞特克萊斯勒5月27日要約的批評之聲日益高漲。法國政府要求,菲亞特克萊斯勒必須就裁員、董事會(huì)席位以及讓66歲的盛納德?lián)魏喜⒑蠊臼紫瘓?zhí)行官等事宜做出保證。

雷諾董事會(huì)于上周二休會(huì),未就合并要約采取行動(dòng),并稱需要仔細(xì)研究這份要約。

未被納入合并交易的日產(chǎn)已經(jīng)拒絕支持該交易。知情人士此前透露,盡管盛納德曾經(jīng)希望至少從日產(chǎn)方面獲得有條件的支持,但這家日本汽車制造商在雷諾董事會(huì)中的代表必然會(huì)投棄權(quán)票。

一些投資者也已經(jīng)對此次交易提出質(zhì)疑。位于巴黎的激進(jìn)投資管理公司CIAM致函雷諾董事會(huì)稱,與菲亞特克萊斯勒的合并大大低估了雷諾的價(jià)值,而且菲亞特克萊斯勒股東因此而獲得的25億歐元(約合28億美元)股息應(yīng)該派發(fā)給雷諾股東。(財(cái)富中文網(wǎng))

譯者:艾倫

審校:夏林

Fiat Chrysler Automobiles NV abruptly withdrew its offer to combine with Renault SA after the French carmaker’s board—on the brink of approving the deal—postponed a decision for a second time in as many days.

Renault’s board ended an hours-long meeting early last Thursday without a vote after its most important shareholder, the French state, requested deliberations by put off to a later date. Renault, in a statement issued before Fiat’s withdrawal, said it would continue to review “with interest” the proposal.

Fiat Chrysler blamed the French government, which has ratcheted up demands over jobs, governance and other items since the deal was announced on May 27.

The maker of Jeep SUVs and Ram pickups “remains firmly convinced of the compelling, transformational rationale” of a proposal that was “carefully balanced to deliver substantial benefits to all parties,” it said separately. “However it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully.”

The collapse of his proposal to create the world’s third-largest automaker marks a significant retreat for Chairman John Elkann, who leads the company’s founding Agnelli family. After discussions with Renault’s cross-town rival Groupe PSA, Elkann opted for the riskier path, proceeding with an offer for Renault despite the complications of the government’s role and its strained relationship with alliance partner Nissan Motor Co.

The breakdown of talks on a night when a deal appeared to be in hand also leaves Renault Chairman Jean-Dominique Senard in a difficult position, having sought and failed to bring the French carmaker’s various constituencies into agreement. In addition to the demands from the French state, unions were worried about jobs and Japanese partner Nissan felt burned by the previous regime under deposed alliance Chairman Carlos Ghosn.

Renault’s board was poised to approve the deal, with Nissan representatives abstaining, according people familiar with the matter. But France’s representatives asked for more time after officials made clear they wanted to discuss with Japanese authorities before making a decision, they said. Finance minister Bruno Le Maire plans a trip to Japan soon, one of the people added.

More time was needed to reassure the Japanese side and explain the deal, a French government official said, asking not to be identified to comply with ground rules. The person added that the government found surprising Fiat’s rushed move to withdraw its offer.

A spokesman for the minister didn’t return requests for comment.

Criticism of Fiat’s May 27 proposal has gathered steam in recent days. France asked for assurances on jobs, board representation and the role of Senard, 66, who would be chief executive officer of the combined company.

Renault’s board on last Tuesday adjourned without taking action on the proposal, saying it needed to study the draft in detail.

Nissan, which isn’t part of the Fiat deal, has withheld its support. Its representatives to the French carmaker’s board were set to abstain, according to people familiar with the matter, despite Senard’s desire to win at least conditional backing from the Japanese manufacturer.

Some investors have also voiced doubts. Paris-based activist investment manager CIAM, in a letter to Renault’s board, said the merger with Fiat significantly undervalues Renault and that a 2.5 billion-euro ($2.8 billion) dividend set to go to Fiat Chrysler shareholders should instead be paid to the French company.

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