Fusion FCA - PSA

Das mit dem Pacifica kann ich mir nicht vorstellen, dass sie das machen. Der Hype auf die Mini-Vans ist in Europa (eigentlich auch in USA) vorbei, da wurden die Preise derart hochgetrieben, dass sich keine Familie mehr einen leisten konnte. Selbst der Voyager, die Mutter aller Mini-Vans, ist daran zerbrochen. Das wird glaube ich nichts mehr, jetzt sind halt SUV gefragt.

Zitat von Kiwi

Denn allein mit dem Pacifica hat Chrysler einen Van im Portfolio, den es so in Europa so gut wie gar nicht gibt.

Ford S-Max ?

Ist der Ford noch im Programm? Ford wollte doch die Max-Modelle mangels Nachfrage nach und nach aus dem Angebot nehmen.

Laut Presse hat PSA (Peugeot) der Fusion mit FCA bereits zugestimmt. Es entsteht der viertgrößte Automobilkonzern mit einem Umsatz von 170 Mrd. Umsatz. FCA tagt wohl auch.
Mal sehen, wie amerikanische, italienische und französische Mentalität (mit einer Prise deutscher bei Opel) zusammen passen und wachsen.
Parlez vous francais ?

https://www.spiegel.de/wirtsch…t-chrysler-a-1301785.html

Mon dieu, grand malheur.

Und plötzlich wird nach dem Gesetz der Serie den Fiat-Jeeps die Ehre zu Teil, die „letzten echten Jeeps“ zu sein, bevor Jeep (wie nach jeder Übernahme in der Firmengeschichte) mal wieder von den Fans zu Grabe getragen wird. Wer hätte das gedacht.....

Inzwischen ist es ja so, dass - abgesehen vom Grand Cherokee, in dem noch ein paar Daimler-Gene stecken - fast alle Jeeps in einem mehr/minder deutlichen Verwandtschaftsgrad zu Fiat stehen.

Auch der aktuelle Wrangler hat insbesondere motorisch Fiat-Gene, ist aber ansonsten noch vergleichsweise eigenständig. Wahrscheinlich, weil es DIE Jeep-Ikone schlechthin ist, deren starke Aura auch positiv auf alle anderen Jeeps abfärbt.

Ich befürchte, dass - wenn es keinen starken Kooperationspartner gäbe - die Marke Jeep entweder überhaupt nicht mehr geben würde oder bestenfalls in kleinem Maßstab und dann wahrscheinlich auf die Herstellung von hoch-geländegängigen Fahrzeugen konzentriert.

Ich glaube eher nicht, dass sich das durch die Fusion PSA/FCA in Zukunft grundlegend ändert.

Die Hybridisierung- und Elektrifizierung wird wahrscheinlich schneller voranschreiten. Wir haben ja hier schon ausgiebig diskutiert, ob dies eher auf FCA- oder auf PSA-Basis stattfinden wird. Vielleicht wird das - je nach Modell - zunächst einmal unterschiedlich sein. In Sachen allgemeiner Hybridisierung- und Elektrifizierung sehe ich die PSA-Technik im Grundsatz schon weiter fortgeschritten. Wenn es - in diesem Kontext - aber um Jeep-spezische Eigenschaften geht (also insbes. überdurchschnittliche Geländegängigkeit) sehe ich noch nicht, dass die derzeitige PSA-Technik dafür gut geeignet ist.

PSA steht auch nicht für Allradkompetenz. Die holt man sich jetzt durch die Fusion mit ins Haus. Vielleicht gibt es mittelfristig ja Peugeot-SUV's, die Jeep-Derivate sind? Wir werden es irgendwann wissen. Aber das wird noch "ein wenig" dauern.

Ich denke auch nicht, dass es für Jeep kurzfristige gravierende Nachteile haben wird. Bei Hybrid/eAntrieb werden sie sicherlich profitieren, auch wenn sich die Frage stellt, ob jetzt der bisher kommunizierte Jeep-Fahrplan bei diesen Themen nochmals umgebaut wird, oder ob das eine ganze Fahrzeuggeneration lang dauert, bis man hier als Kunde spürbare Veränderungen erlebt.

Jeep ist eine der Cashcows im Markenportfolio und immer weiter auf dem Weg ins Premiumsegment und so lange der US Markt brummt, wichtig für den Konzern und gerade auch für PSA mit den Jeep-Schwestern Chrysler/RAM als Sprungbrett auf den amerikanischen Markt wichtig.
Schwach sieht es für den neuen Konzern nach wie vor bei der Präsenz in Asien aus. Da bringt die Fusion keine offensichtlichen Vorteile für beide Seiten. Ob das nicht noch ein langfristiges Problem ist, wird sich zeigen.

So lange der Wrangler gut läuft und die Sicherheitsvorschriften in den wichtigen Märkten dem Wrangler nicht wie dem Defender alter Bauart den Homologations-Garaus machen, sehe ich da auch nicht schwarz. Aber sichern sollte man sich mittelfristig auf jeden Fall noch einen, wenn man Offroad-Fan ist, bevor es doch plötzlich zu spät ist und die nächste Generation ggf. auch so eine - aus Traditionalistensicht - enttäuschende Neuentwicklung wie beim LR Defender wird, die zu stark mit den Wurzeln bricht und vielleicht für die Traditionalisten einen zu weiten Sprung in die Zukunft macht.

Als Besitzer bleibt einem dann nur der Trost, dass sich wohl die Gebrauchtwagenpreise für Wrangler vermutlich ebenso wie beim Defender entwickeln dürften, man also bei guter Pflege eine Wertanlage gemacht haben könnte. Natürlich immer vorausgesetzt, der Gesetzgeber spukt uns nicht vollständig in die Suppe und macht durch zukünftige Regelungen nachdem Massenmarkt auch noch den Liebhabermarkt kaputt und dicht, indem er alle Verbrenner (Diesel wie Benziner) komplett aus dem Verkehr zieht und auch an den Bestandsschutz von bereits zugelassenen Fahrzeugen geht.
3 Finger crossed

Ich denke, es wird aber mittelfristig ein paar schwache Marken im Konzern die Existenz kosten und diese komplett verschwinden oder ausgegliedert und verkauft werden.

Und mit Zertifikatshandel und sonstigen Tricks wird sich der neue Konzern auch nicht mehr lange vor den Strafzahlungen bei Nichterreichen der Flottenschadstoffausstoßwerte retten können. Daher steht ma diesbezüglich weiterhin unter Zeit- und Entwicklungsdruck.

Zitat von FCA

IMPORTANT NOTICE
By reading the following release, you further agree to be bound by the following limitations and qualifications:
This communication is for informational purposes only and is not intended to and does not constitute an offer or invitation to exchange or sell or solicitation of an offer to subscribe for or buy, or an invitation to exchange, purchase or subscribe for, any securities, any part of the business or assets described herein, or any other interests or the solicitation of any vote or approval in any jurisdiction in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. This communication should not be construed in any manner as a recommendation to any reader of this communication.

This communication is not a prospectus, product disclosure statement or other offering document for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14th 2017.
An offer of securities in the United States pursuant to a business combination transaction will only be made, as may be required, through a prospectus which is part of an effective registration statement filed with the US Securities and Exchange Commission ("SEC"). Shareholders of Fiat Chrysler Automobiles N.V. ("FCA") and Peugeot S.A. who are US persons or are located in the United States are advised to read the registration statement when and if it is declared effective by the US Securities and Exchange Commission because it will contain important information relating to the proposed transaction. You may obtain copies of all documents filed with the SEC regarding the proposed transaction, documents incorporated by reference, and FCA's SEC filings at the SEC's website at http://www.sec.gov. In addition, the effective registration statement will be made available for free to shareholders in the United States.

Rueil-Malmaison and London, 18 December 2019

New entity will have the leadership, resources and scale to be at the forefront of a new era of sustainable mobility

• Combines companies' extensive and growing capabilities to address the challenge of shaping the new era of sustainable mobility
• Combined company will be the 4th largest global OEM by volume and 3rd largest by revenue with annual sales of 8.7 million units and combined revenues of nearly €170 billion
• Creates a diversified business with among the highest margins in its core markets of Europe, North America and Latin America and the opportunity to reshape the strategy in other regions
• Merger will deliver approximately €3.7 billion estimated annual run-rate synergies with no plant closures resulting from the transaction - synergies are expected to be net cash flow positive from year 1
• Strong combined balance sheet and high level of liquidity provide financial flexibility with an investment grade credit rating expected
• Combined company will leverage investment efficiency across a larger scale to develop innovative mobility solutions and cutting edge technologies in new energy vehicles, autonomous driving and connectivity
• Broad portfolio of well-established iconic brands offering best-in-class products covering key vehicle market segments and delivering higher customer satisfaction
• Excellent working relationship between the two management teams, which share successful track records in turnarounds, value creation and successful OEM combinations
• Strong governance structure to underpin combined company performance with John Elkann as Group Chairman and Carlos Tavares as Group CEO, with a majority of independent directors
• Strong support of long-term shareholders (EXOR N.V., Peugeot Family Group, Bpifrance) who will be represented on the Board

Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA) and Peugeot S.A. ("Groupe PSA") have today signed a binding Combination Agreement providing for a 50/50 merger of their businesses to create the 4^th largest global automotive OEM by volume and 3^rd largest by revenue. The proposed combination will be an industry leader with the management, capabilities, resources and scale to successfully capitalize on the opportunities presented by the new era in sustainable mobility.

With its combined financial strength and skills, the merged entity will be particularly well placed to provide innovative, clean and sustainable mobility solutions, both in a rapidly urbanizing environment and in rural areas around the world. The gains in efficiency derived from larger volumes, as well as the benefits of uniting the two companies' strengths and core competencies, will ensure the combined business can offer all its customers best-in-class products, technologies and services and respond with increased agility to the shift taking place in this highly demanding sector.

The combined company will have annual unit sales of 8.7 million vehicles, with revenues of nearly €170 billion³, recurring operating profit of over €11 billion⁴ and an operating profit margin of 6.6%, all on a simple aggregated basis of 2018 results⁵. The strong combined balance sheet provides significant financial flexibility and ample headroom both to execute strategic plans and invest in new technologies throughout the cycle.

The combined entity will have a balanced and profitable global presence with a highly complementary and iconic brand portfolio covering all key vehicle segments from luxury, premium, and mainstream passenger cars through to SUVs and trucks & light commercial vehicles. This will be underpinned by FCA's strength in North America and Latin America and Groupe PSA's solid position in Europe. The new Group will have much greater geographic balance with 46% of revenues derived from Europe and 43% from North America, based on aggregated 2018 figures of each company. The combination will bring the opportunity for the new company to reshape the strategy in other regions.
The efficiencies that will be gained from optimizing investments in vehicle platforms, engine families and new technologies while leveraging increased scale will enable the business to enhance its purchasing performance and create additional value for stakeholders. More than two- thirds of run rate volumes will be concentrated on 2 platforms, with approximately 3 million cars per year on each of the small platform and the compact/mid-size platform.
These technology, product and platform-related savings are expected to account for approximately 40% of the total €3.7 billion in annual run-rate synergies, while purchasing - benefiting principally from scale and best price alignment - will represent a further estimated 40% of the synergies. Other areas, including marketing, IT, G&A and logistics, will account for the remaining 20%. These synergy estimates are not based on any plant closures resulting from the transaction. It is projected that the estimated synergies will be net cash flow positive from year 1 and that approximately 80% of the synergies will be achieved by year 4. The total one-time cost of achieving the synergies is estimated at €2.8 billion.

Those synergies will enable the combined business to invest significantly in the technologies and services that will shape mobility in the future while meeting the challenging global CO₂ regulatory requirements. With an already strong global R&D footprint, the combined entity will have a robust platform to foster innovation and further drive development of transformational capabilities in new energy vehicles, sustainable mobility, autonomous driving and connectivity.

The merged entity will benefit from an efficient governance structure designed to promote effective performance, with a Board comprised of 11 members, the majority of whom will be independent⁶. Five Board members will be nominated by FCA and its reference shareholder (including John Elkann as Chairman) and five will be nominated by Groupe PSA and its reference shareholders (including the Senior Non-Executive Director and the Vice Chairman). At closing the Board will include two members representing FCA and Groupe PSA employees⁷. Carlos Tavares will be Chief Executive Officer for an initial term of five years and will also be a member of the Board.
Carlos Tavares, Mike Manley and their executive teams have a strong track record in successfully turning around companies and combining OEMs with diverse cultures. This experience will support the speed of execution of the merger, underpinned by the companies' strong recent performances and already robust balance sheets. The merged entity will maneuver with speed and efficiency in an automotive industry undergoing rapid and fundamental changes.
The new group's Dutch-domiciled parent company will be listed on Euronext (Paris), the Borsa Italiana (Milan) and the New York Stock Exchange and will benefit from its strong presence in France, Italy and the US.
Under the proposed by-laws of the combined company, no shareholder would have the power to exercise more than 30% of the votes cast at shareholders' meetings. It is also foreseen that there will be no carryover of existing double voting rights but that new double voting rights will accrue after a three-year holding period after completion of the merger.

A standstill in respect of the shareholdings of EXOR N.V., Bpifrance⁸, Dongfeng Group (DFG) and the Peugeot Family (EPF/FFP) will apply for a period of 7 years following completion of the merger, except that EPF/FFP will be permitted to increase its shareholding by up to a maximum of 2.5% in the merged entity (or 5% at the Groupe PSA level) by acquiring shares from Bpifrance and/or DFG and/or on the market⁹. EXOR, Bpifrance and EPF/FFP will be subject to a 3-year lock-up in respect of their shareholdings except that Bpifrance will be permitted to reduce its shareholdings by 5% in Groupe PSA or 2.5% in the merged entity. DFG has agreed to sell, and Groupe PSA has agreed to buy, 30.7 million shares prior to closing (those shares will be cancelled). DFG will be subject to a lock up until the completion of the transaction for the balance of its participation in Groupe PSA, resulting in an ownership of 4.5% in the new group.

EXOR, Bpifrance, the Peugeot Family and Dongfeng have each irrevocably committed to vote in favor of the transaction at the shareholders' meetings of FCA and Groupe PSA.
Before closing, FCA will distribute to its shareholders a special dividend of €5.5 billion while Groupe PSA will distribute to its shareholders its 46% stake in Faurecia. In addition, FCA will continue work on the separation of its holding in Comau which will be separated promptly following closing, for the benefit of the shareholders of the combined company. This will enable the combined group's shareholders to equally share in the synergies and benefits that will flow from a merger while recognizing the significant value of both Groupe PSA and FCA's assets and strengths in terms of market share and brand potential. Each company intends to distribute a €1.1 billion ordinary dividend in 2020 related to fiscal year 2019, subject to approval by each company's Board of Directors and shareholders. At closing, Groupe PSA shareholders will receive 1.742 shares of the new combined company for each share of Groupe PSA, while FCA shareholders will have 1 share of the new combined company for each share of FCA
.
Completion of the proposed combination is expected to take place in 12-15 months, subject to customary closing conditions, including approval by both companies' shareholders at their respective Extraordinary General Meetings and the satisfaction of antitrust and other regulatory requirements.

Carlos Tavares, Chairman of the Managing Board of Groupe PSA, said: "Our merger is a huge opportunity to take a stronger position in the auto industry as we seek to master the transition to a world of clean, safe and sustainable mobility and to provide our customers with world-class products, technology and services. I have every confidence that with their immense talent and their collaborative mindset, our teams will succeed in delivering maximized performance with vigor and enthusiasm."

Mike Manley, Chief Executive Officer of FCA, added: "This is a union of two companies with incredible brands and a skilled and dedicated workforce. Both have faced the toughest of times and have emerged as agile, smart, formidable competitors. Our people share a common trait - they see challenges as opportunities to be embraced and the path to making us better at what we do."

Press and Analyst/Investor event details:
FCA and Groupe PSA will jointly host a webcast and conference call for analysts, investors and media (webcast at 3:00 pm CET / 2:00 pm GMT / 9:00 am EST) on Wednesday, 18 December 2019.Details for accessing these events are available on the corporate websites of FCA (www.fcagroup.com) and Groupe PSA (www.groupe-PSA.com). For those unable to participate in the live sessions, recorded replays will remain archived on each company's corporate website.To access photos and videos, please visit FCA's website or PSA's website.

Advisors
Goldman Sachs International acted as lead financial advisor to FCA. Bank of America, Barclays, Citigroup, d'Angelin & Co., J.P. Morgan and UBS also provided financial advice to the company.
Sullivan & Cromwell LLP, De Brauw Blackstone Westbroek and Darrois Villey Maillot Brochier acted as legal counsel to FCA.
Messier Maris & Associés acted as lead financial advisor to PSA. Morgan Stanley also provided financial advice to the company. Bredin Prat acted as legal counsel to PSA.

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