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Groupe PSA and FCA plan to join forces to build a world leader for a new era in sustainable mobility

FWM by FWM
October 31, 2019
in Auto
0

Rueil-Malmaison and London, October 31st  2019

Discussions  have  opened  a  path  to  the  creation  of  a  new  group  with  global  scale  and resources  owned  50%  by  Groupe  PSA  shareholders  and  50%  by  FCA  shareholders.  In a rapidly  changing  environment,  with  new  challenges  in  connected,  electrified,  shared  and autonomous mobility, the combined entity would leverage its strong global R&D footprint and ecosystem to foster innovation and meet these challenges with speed and capital efficiency.

   The combination would create the 4th  largest global OEM in terms of annual unit sales (8.7m vehicles)

   At  its  inception,  the  combined  company  would  realize  among  the  highest margins  in  the  markets  where  it  would  operate,  based  on  FCA’s  strength  in North America and Latin America and Groupe PSA’s in Europe

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   The  combination  would  unite  the  groups’  respective  brand  strengths  across Luxury,   Premium,   Mainstream   Passenger   Car,   SUV   and   Trucks   &   Light Commercial – making them stronger together

   The merged entity would bring together the companies’ extensive and growing capabilities  in  the  technologies  shaping  the  new  era  of  sustainable  mobility, including electrified powertrain, autonomous driving and digital connectivity

   Approximately  €3.7  billion  estimated  annual  run-rate  synergies  without  any plant closures resulting from the transaction

   Highly respected combined management team recognised for exceptional value creation and with proven success in previous OEM combinations

   Dutch  parent  company  Board  would  have  balanced  representation  and  a majority  of   independent   Directors.  John  Elkann   as   Chairman  and   Carlos Tavares as CEO and member of the Board

Rueil-Malmaison and London, 31 October 2019. The Supervisory Board of Peugeot S.A. and the Board of Directors of Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) have  each  unanimously  agreed  to  work  towards  a  full  combination  of  their  respective businesses  by  way  of  a  50/50  merger.  Both  boards  have  given  the  mandate  to  their respective   teams   to   finalize   the   discussions   to   reach   a   binding   Memorandum   of Understanding in the coming weeks.

The  plan  to  combine  the  Groupe  PSA  and  FCA  businesses  follows  intensive  discussions between the senior managements of the two companies. Both share the conviction that there is compelling logic for a bold and decisive move that would create an industry leader with the scale,  capabilities  and  resources  to  capture  successfully  the  opportunities  and  manage effectively the challenges of the new era in mobility.

The proposed combination would create the 4th  largest global OEM in terms of unit sales (8.7 million  vehicles),  with  combined  revenues  of  nearly  €170  billion1  and  recurring  operating profit  of  over  €11  billion2  on  a  simple  aggregated  basis  of  2018  results  excluding  Magneti Marelli  and  Faurecia.  The  significant  value  accretion  resulting  from  the  transaction  is estimated  to  be  approximately  €3.7  billion  in  annual  run-rate  synergies  derived  principally from a more efficient allocation of resources for large-scale investments in vehicle platforms, powertrain  and  technology  and  from  the  enhanced  purchasing  capability  inherent  in  the combined group’s new scale. These synergy estimates are not based on any plant closures.

It is projected that 80% of the synergies would be achieved after 4 years. The total one-time cost of achieving the synergies is estimated at €2.8 billion.

The  shareholders  of  each  company  would  own  50%  of  the  equity  of  the  newly  combined group and would therefore share equally in the benefits arising from the combination. The transaction would be affected by way of  a merger under a Dutch parent company and the governance  structure  of  the  new  company  would  be  balanced  between  the  contributing shareholders,  with  the  majority  of  the  directors  being  independent.  The  Board  would  be composed  of  11  members.  Five  Board  members  would  be  nominated  by  FCA  (including John  Elkann  as  Chairman)  and  five  would  be  nominated  by  Groupe  PSA  (including  the Senior Independent Director and the Vice Chairman)3. The Chief Executive Officer would be Carlos Tavares for an initial term of five years and he would also be a member of the Board.

Carlos Tavares said: “This convergence brings significant value to all the stakeholders and opens a bright future for the combined entity. I’m pleased with the work already done with Mike and will be very happy to work with him to build a great company together.”

Mike Manley said, “I’m delighted by the opportunity to work with Carlos and his team on this potentially    industry-changing    combination. We    have    a    long    history    of    successful cooperation with Groupe PSA and I am convinced that together with our great people we can create a world class global mobility company.”

The new group’s Dutch-domiciled parent company would be listed on Euronext (Paris), the Borsa  Italiana  (Milan)  and  the  New  York  Stock  Exchange  and  would  continue  to  maintain significant presences in the current operating head-office locations in France, Italy and the US.

It is proposed that the by-laws of the new combined company would provide that the loyalty voting  program  will  not  operate  to  grant  voting  rights  to  any  single  shareholder  in  the Shareholders Meeting exceeding 30%4  of the total votes cast. It is also foreseen that there would  be  no  carry  over  of  existing  double  voting  rights  but  that  new  double  voting  rights would accrue after a three-year holding period after completion of the merger.

A standstill in respect of the shareholdings of EXOR N.V., Bpifrance Participations SA, DFG and  the  Peugeot  Family  would  apply  for  a  period  of  7  years  following  completion  of  the merger.  EXOR,  Bpifrance  Participations  and the  Peugeot  Family  would  be  subject  to  a  3- year  lock-up  in  respect  of  their  shareholdings  except  that  the  Peugeot  Family  would  be permitted  to  increase  its  shareholding  by  up to  2.5%  during  the first  3 years  following  the closing, only by acquiring shares from Bpifrance Participations and DFG.

Prior to the completion of the transaction, FCA would distribute to its shareholders a special dividend of €5.5 billion, as well as its shareholding in Comau. In addition, prior to completion, Peugeot would distribute to its shareholders its 46% stake in Faurecia. This would enable the combined groups’ shareholders to equally share in the synergies and benefits that would flow from a merger while recognizing the significant value of FCA’s differentiated platform in North America and strong position in Latin America, including its market-leading margins in those regions.  It  would  also  reflect  the  added  value  that  FCA’s  higher-end  global  brands  Alfa Romeo and Maserati would bring given their substantial development potential.

The  extended  portfolio  would  cover  all  market  segments  with  iconic  brands  and  strong products based on rationalized platforms and optimization of investments.

The proposal would be submitted to the information and consultation process of the relevant employee bodies, and would be subject to customary closing conditions, including final board approvals  of  the  binding  Memorandum  of  Understanding  and  agreement  on  definitive documentation.

 

FWM

FWM

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