Dongfeng Motor Group and PSA held a stock signing ceremony today
On March 26, France local time, under the witness of the heads of state of France and China, Dongfeng Motor Group Co., Ltd. (hereinafter referred to as Dongfeng Group) will cooperate with the French government, the holding company of Peugeot family and PSA Peugeot Citroën Group (hereinafter referred to as PSA). Signed a formal share purchase agreement.
According to the memorandum of understanding signed by many parties at the end of last month, Dongfeng Group and the French government intend to subscribe for approximately 14% of PSA at a price of 800 million euros respectively. Peugeot-owned holding companies will also participate in the capital increase. After the completion of the transaction, the three parties of Dongfeng Group, the French government and the holding company of the Peugeot family will hold about 14% of PSA shares, respectively, becoming the largest shareholder of PSA.
After this round of capital injection, the staff structure of the PSA Supervisory Board will also be adjusted due to changes in equity. Among the six independent seats in the new PSA board of supervisors, the three parties that are tied for the first major shareholder will each have two seats. Xu Ping, chairman of Dongfeng Group, and deputy general manager Liu Weidong, who have already traveled to France, will be expected to serve as the vice chairman of the PSA Supervisory Board and chairman of the PSA Asia Business Development Committee.
After the signing ceremony of the share subscription, relevant leaders of Dongfeng Group rushed back to Beijing to attend the signing ceremony of the global strategic alliance agreement signed with PSA on the afternoon of March 28, Beijing time. It is reported that the two sides will further deepen cooperation in the areas of technology research and development, procurement, manufacturing, and marketing, and further realize strategic cooperation in the entire value chain. In addition, the two parties will set up an R&D center in China to jointly develop new products for Dongfeng, PSA and the joint venture Shenlong Motor Company. At the sales level, both parties will also establish an overseas sales company responsible for the sales and service of PSA and Shenlong Motor Company products in Asia, especially in the ASEAN region.
At this point, Dongfeng’s shareholding in PSA, which has started many games since last June, seems to have come to an end. However, how this cooperation can develop a different future for both parties will also need to withstand the test of the market’s “invisible handâ€. .
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