(Les Echos) PSA: minority soar forehead requiring OPA

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PSA: minority soar forehead requiring OPA

The proposed alliance with Dongfeng will collect two-thirds of votes in the assembly.

After colliding with dissension within the Peugeot family , the project of alliance between PSA and Dongfeng faced resistance from some minority shareholders. In a letter to the chairman of the supervisory board, Thierry Peugeot , the Association for the Defence of Minority Shareholders (Adam) defends a scenario recapitalization without the help of the French State and Dongfeng, "when banks are actually ready to ensure success to the required height. "" Such a solution would avoid all the disadvantages of each other, while being fully compatible with the need to develop relations with the Chinese manufacturer, "says its president Colette Neuville.

The Adam points out several weaknesses in terms of the capital increase that would see the French State and Dongfeng return both to 14% of the capital, alongside the Peugeot family. These three shareholders are they agree on the business plan? "They should then be regarded as acting in concert" and then launch a takeover bid , says. "Association Either they do not intend to support a common strategy [...]. There would be every reason to question the merits of capital proposed scheme would give the power - up nearly half of the capital - three shareholders may disagree. "

Magnitude of the discount

The Adam is also concerned about the extent of the discount and how it will be offset by share warrants ( BSA ). Finally, the association highlights a risk of blocking in general meeting . "The important state participation in the venture capital company set aside a number of investors, as well as making it more difficult for alliances with other manufacturers, which are necessary for the company to reach an adequate size, "says Colette Neuville.

Even PSA décrocherait an agreement with Dongfeng by its results on February 19, the project will have to collect two-thirds of the votes cast at a general meeting. The support of the Peugeot family, it is now accepted, will not be enough to get the project. The family has in fact 38% of the voting rights, knowing that all shareholders do not vote AG. Last year, only 77% of shareholders had expressed.

However, the protest movement does not seem solid. According to several analysts , the capital increase will be better understood by shareholders if done with Dongfeng, the idea to build an industrial partnership, rather than only if PSA launches an appeal to the market. "We talk about the future of a company, said one analyst in London. Blocking a capital increase is wearing a big responsibility. "