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[milos9]
To je res, je pa speljal prodajo in denar pametno porabil
Speljal prodajo? Pojdiva nazaj po korakih. Moj komentar se je nanašal na tole trditev v članku:
Takoj po imenovanju je 14-odstotni delež prodal velikemu kitajskemu proizvajalcu avtomobilov Dongfengu in s svežimi 800 milijoni evrov začel prestrukturiranje podjetja.
Pustiva malenkosti, da naj bi bilo bilo prodanih za 2 x 800 MEUR deležev, ker je bila v enaki meri zraven tudi francoska država, pa da naj bi skupna dokapitalizacija znašala 3 milijarde evrov oz. 4,1 GUSD (ja, toliko je od takrat evro padel proti dolarju!).

Po Reutersu je kupčija potekala nekako takole:

Januar 2014:
French carmaker PSA Peugeot Citroen (PEUP.PA) has taken a decisive step towards a tie-up with China's Dongfeng Motor Co. (0489.HK) as the board approved the outlines of a contentious survival plan that divided the founding Peugeot family.
In a blow to Chairman Thierry Peugeot, who had championed an alternative plan, the board agreed in principle to a capital increase that would see the Chinese state-owned carmaker and French government acquire minority stakes and the family cede control, sources familiar with the matter said on Monday.
www.reuters.com/arti...B920140120
Februar 2014:
PSA Peugeot Citroen and China's Dongfeng have agreed a 3 billion euro ($4.1 billion) capital tie-up that brings the troubled French carmaker new leadership, more time to turn its business around and an end to two centuries of family control.
Peugeot, Dongfeng Motor Group Co Ltd and the French government have signed a non-binding outline agreement, China's second biggest carmaker announced on Wednesday, confirming an earlier Reuters report.
Peugeot Chief Executive Philippe Varin and former Renault executive Carlos Tavares, who will replace Varin when the deal is finalized, must now explain how the fresh capital can be used to improve the bottom line, analysts said.
Under the memorandum of understanding signed on Tuesday, Dongfeng and the French state will each pay about 800 million euros ($1.10 billion) for a 14 percent stake in a reserved share sale and a rights issue, Dongfeng said in a statement published on the Hong Kong stock exchange website.
www.reuters.com/arti...2J20140219
Marec 2014:
PSA Peugeot Citroen's tie-up with China's Dongfeng was signed on Wednesday, bringing the French carmaker much-needed cash and greater access to Asia but leaving major challenges ahead.
French President Francois Hollande and visiting Chinese counterpart Xi Jinping oversaw the signing of a framework deal for state-owned Dongfeng Motor Group (0489.HK) and the French government to take matching 14 percent Peugeot stakes in a 3 billion euro ($4.1 billion) capital increase.
New Peugeot CEO Carlos Tavares must now turn around unprofitable European operations, halt persistent Latin American losses, deliver on China plans that many consider ambitious and treat a Russian headache that may be about to worsen.
Tavares, former second in command at rival French carmaker Renault, takes over as CEO next week, with Thierry Peugeot bowing out as chairman in a deal that had pitched him into public conflict with cousin Robert over the dilution of the family's stake and loss of control.
www.reuters.com/arti...VZ20140326
To zadnje je isti avtor Financ takrat opisal takole:
Kitajski proizvajalec Dongfeng, ki na domačem trgu izdeluje avtomobile predvsem v partnerstvu s tujimi znamkami in francoska vlada bosta v PSA vložila vsak po 800 milijonov evrov, s tem pa bosta pridobila vsak po 14 odstotni delež v proizvajalcu. Dodatne 1,4 milijarde evrov bo PSA zbral s pomočjo drugih investitorjev. Dogovor morajo še vedno potrditi delničarji PSA, a vodstvo pri tem ne pričakuje zapletov.
avto.finance.si/8503...oka-uradna
Tavares je očitno zelo dober, ni pa treba s poudarjenimi netočnostmi delati iz njega boga. Če je Tavares znal dobro uporabiti 3 GEUR dokapitalizacije, bog ne bi rabil niti 800 MEUR, ker je pač bog, ki zna delati čudeže. :-)

V luči hitrega in očitno do zdaj uspešnega prestrukturiranja PSA je zanimivo malo pogledati takratne izjave nekaterih analitikov in se vprašati, zakaj jih ne bi kdo vprašal, kaj o PSA menijo danes.
Namera družbe PSA / Peugeot Citroen za kapitalsko povezovanje s kitajskim proizvajalcem vozil Dongfeng po mnenju analitika Maxa Warburtona iz družbe Bernstein Research pomeni pirovo zmago za PSA.
avto.finance.si/8357...-Dongfenga
"We're skeptical about this kind of plan - a very dilutive capital increase for a weak industrial project," said Florent Couvreur, a Paris-based analyst with CM-CIC Securities.
The operation would leave "three main shareholders with conflicting objectives", Couvreur added in a note to investors. "This is a rejection for Chairman Thierry Peugeot."
www.reuters.com/arti...B920140120
Ker je v skoraj vsaki zgodbi skrita kakšna podzgodba, je tako tudi tu. Analitik Florent Couvreur je samo nekaj mesecev po dokapitalizaciji PSA na način, do katerega je bil skeptičen, našel službo v Faurecii, katere večinski delež naj bi po takratnem mnenju skeptičnih analitikov PSA lepo prodal, da bi dobil potreben denar in ohranil glavno besedo rodbine Peugeot. :-)
fr.linkedin.com/in/f...ur-1910254