Link to original article in French {http://bit.ly/MgPP7f }
Link to Google Translation : {http://bit.ly/1exEKps}
- Thierry Peugeot is not resigned to cede control to an input of Dongfeng and the French State.
Despite the decision of the Supervisory Board of PSA to validate the input of the State and capital Dongfeng , president, Thierry Peugeot has not given up. In a letter that "Les Echos" were procured, he exhibited his differences with his cousin Robert, president of holding FFP family (which owns 25% of PSA), which gave its support for the proposed recapitalization.
This scheme would equal the French State, the Chinese carmaker Peugeot family and capital of PSA with 14% stake, while the family enjoyed so far 25% of capital and 38% of voting rights I worry. "the exit strategy Peugeot that you seem to want to implement, Thierry Peugeot said Robert. I believe that the Peugeot family must continue to support Peugeot and not ignore it. "
He accused Robert his lack of involvement in the negotiations on the future of PSA . He said the discussions were "totally governed by boards without the involvement of the board of FFP and without direct contact with Dongfeng." Where a result judged as "very negative" for FFP. He points including certain financial aspects considered unfavorable to the family holding company. It would be the abandonment of double voting rights of the FFP, which was negotiated between Dongfeng and the French State.
The same applies to so-called "standstill", which would also be included in the negotiations clauses, thus limiting scalability to increase the participation of FFP in Peugeot. It also continues to defend an appeal to the market without the help of the state and Dongfeng. "Shareholders and the market are now able to fully support the capital increase which the group needs. "
JP Morgan ready to ensure the entire operation
According to our information, JP Morgan, the bank appointed by the Supervisory Board of PSA would be willing to guarantee the entire operation (€ 3 billion). This scenario does not necessarily preclude the State or Dongfeng, whose partnership with Peugeot is "fully supported" by Thierry Peugeot, who considers "essential and fundamental." The Chinese manufacturer could buy preferential subscription rights and weigh less in fine, with limited participation less than 10%.
Met on Tuesday, the Board of Directors of the FFP has maintained its positions. Las Thierry Peugeot has not resigned. Other shareholders warn against the mounting. "What value will two public actors in a society such as Peugeot, and why they would benefit from such a discount? The impact of the agreement on the interests of minority shareholders must be specified, "says Colette Neuville, president of the Association for the Defence of Minority Shareholders (Adam), which reflects to send a request to that effect to the Board of PSA.
Against this attack she is likely to lead? The scenario of a stake in the state and Dongfeng is already well advanced, and Thierry Peugeot seems to minority Supervisory Board of PSA. Moreover, opponents believe the call to unrealistic market and recall the urgent need for the manufacturer to provide a stable shareholder base and focused on Asia, the only region of high current growth.