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Dongfeng Motor to buy back Peugeot for 800 million euros.
Dongfeng Motor Group Co agreed to pay EUR 800 million1 1 billion for a stake in PSA Peugeot Citroen in the biggest overseas acquisition by a Chinese automaker Zhejiang Geely Holding Group for Co bought Volvo Cars in 2010.
Dongfeng will purchase 524 million shares of Peugeot 7 50 euros each, and the rest through a rights issue, the French government should do the same, the company based in Wuhan China, said in an exchange filing aujourd 'hui the agreement will give Dongfeng and assets of the french government 14 percent each, while the involvement of the Peugeot family will be diluted to 14 percent from 25 percent today 5, a person familiar with the matter said before 'ad.
The purchase opens the way for the Chinese automaker to access to technology and overseas markets through its alliance with the manufacturer 118 years old For Peugeot, the agreement marks a turning point that the family should lose total control for first time since its creation by Armand Peugeot.
There is a good deal for both Dongfeng and PSA said Han Weiqi, an analyst based in Shanghai at CSC International Holdings Ltd. Dongfeng can exploit the core technology of PSA and network overseas for expansion For PSA, the investment helps to get out of a looming crisis.
Dongfeng fell 7 percent to 0 to 9 October 88 HK 39 m a Hong Kong stock was stopped trading yesterday.
Peugeot also plans to distribute warrants to existing shareholders, with all 10 warrants are entitled to three shares 7 50 euros each, according to the filing of the note of the long stop date understanding is July 31 .
The agreement is the largest overseas investment by a Chinese automaker Geely since agreed to pay 1 8 billion for Volvo Cars in 2010 mother of Dongfeng, Dongfeng Motor Corp. is one of the leading Chinese companies owned administered by the central government.
Dongfeng said it intends to broaden and deepen its ongoing cooperation with Peugeot in their joint venture in China, to improve research and development and strengthen cooperation overseas, according to the filing partnership will aim for sale 1 5 million vehicles under the Dongfeng Peugeot and Citroën one year from brands from 2020, he said.
Dongfeng Peugeot and will also discuss the establishment of an export company to sell vehicles manufactured by their joint venture in China in the Asia-Pacific region, the statement said.
Dongfeng PSA can not wait any technology to be transferred to, but as a shareholder now he could put demand and this could help, said Harry Chen, a Shenzhen-based analyst at Guotai Junan Securities Co exports could take a time coming, but Sá moving in the right direction China can not just rely on the domestic market for continued growth.
Peugeot, Europe's second largest automaker, said in January it was in talks to sell stakes to the government of Dongfeng and France in a first stage of a capital increase of 3 billion euros to finance a reorganization Thierry Peugeot Chairman of the Board and his cousin Robert Peugeot, have clashed on strategy, with Thierry promoting the sale of all new shares on the market without investment in Dongfeng and France, according to people familiar with the situation.
An association of French minority shareholders, ADAM, said separately in a letter to Thierry Peugeot in February that Dongfeng, the French state and the automaker's founding family based in Paris, can be seen as acting together in their proposal could trigger a mandatory offer to buy the other shareholders.
Dongfeng Motor to buy back Peugeot for 800 million euros, dongfeng, engine, game.
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