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雷诺日产据传正在考虑合并

彭博社 2018年04月03日

如果雷诺与日产的协议最终达成,那么双方的联盟将就此解除,合并为一家新的公司。

2016年1月15日,法国阿尔比市一家雷诺经销商门店外的雷诺和日产的LOGO。Balint Porneczi—Bloomberg/Getty Images 

据消息人士称,雷诺和日产汽车公司正在就合并事宜进行谈判,并计划组成一家新公司。

由于有关细节尚未公开,该消息人士要求不透露姓名。他表示,如果雷诺与日产的协议最终达成,那么双方的联盟将就此解除,合并为一家新的公司。雷诺目前拥有日产43%的股权,而日产反过来也拥有雷诺15%的股权。该消息人士还称,两家公司的共同董事长卡洛斯·戈恩正在积极推动两家合并,合并后的新公司仍将由他继续执掌。

据称,根据目前的谈判情况,日产可能最终会给予雷诺股东新公司的股份,另外日产的股东也会收到新公司的股份,用于交换他们手中的日产股票。合并后的公司将同时在日本和法国保留总部。

雷诺的股票在上周四的早盘交易中跃升了8.3个百分点,创下了十多年来单日交易的最大涨幅。截至上周五上午10:05分,雷诺股价又上升了4.2个百分点,使该公司的市值达到了290亿欧元左右(约360亿美元)。去年全年,日产股价下跌了近2%,其市值约在4.6万亿日元上下(约430亿美元)。

该消息人士表示,要完成两家公司的合并并非易事。法国政府拥有雷诺15%的股份,或许不愿意将这部分财产拱手让人,也不愿意股权被稀释。另外这笔交易需要法日两国政府同时点头才能达成。而至于成立后的新公司注册在法国还是日本,两国政府显然也是各打各的算盘。

还有一种可能性是将新公司注册在伦敦或者荷兰,合并后的菲亚特克莱斯勒汽车公司就是在那里注册的,而且菲亚特克莱斯勒也同时在意大利和美国保留了总部。

消息人士还表示,雷诺和日产已经协商了几个月了,目前双方仍未达成最终决定,也有可能最终并不会达成合并交易。

雷诺日产联盟的一位发言人表示,他们不会就流言和推测发表评论。法国财政府发言人也拒绝对此事发表评论。雷诺和日产公司的代表也拒绝评论此事。

据路透社3月早些时候报道,根据匿名人士透露,日产正在商洽收购大部分法国政府持有的雷诺股票。当时雷诺日产联盟曾表示,任何关于双方股份交易的说法都是“纯粹的猜测”。

卡洛斯·戈恩曾宣称要进一步加强雷诺与日产的合作,他在二月份曾表示,雷诺和日产要设计一个“使联盟不可逆转”的方案。为了集中精力促进两家公司的合作,64岁的戈恩去年已辞去日产CEO的职务。

两家公司力图将二者的协同效应在2016年的基础上翻一番,到2022年达到100亿欧元的水平(约122亿美元)。今年四月,日产的最大股东三菱汽车公司也将进一步与雷诺日产联盟整合,并加入一个三家共享的零部件采购组织。

根据雷诺日产联盟自己的预测,到2022年,该联盟的汽车销量将达到1400万台。而去年该联盟的销量约为1060万台,略低于全球最大汽车制造商德国大众的1070万台。

虽然两家公司都表示结盟给他们带来了很多利益,但是除非等到他们的所有权结构问题得到解决,否则联盟的主导权仍将是一个复杂问题。

卡洛斯·戈恩在2月强调,如果法国政府继续保持股东地位,日本可能不会同意联盟结构继续强化。他还表示,他无意劝说法国政府减少对雷诺的持股。

他表示:“是去是留由他们选择。坦率地讲,我都不会打开这个话题。我只关注现有的股东,我想尽可能地满足他们,尽可能让他们理解我们的战略,认可我们的成绩。”(财富中文网)

译者:朴成奎 

Renault SA and Nissan Motor are in talks to merge and create a new automaker that trades as a single stock, people with knowledge of the matter said.

A deal would end the current alliance between the companies and marry them as one corporation, said the people, who asked not to be identified as the details aren’t public. Renault currently owns 43% of Nissan while the Japanese carmaker has a 15% stake in its French counterpart. Carlos Ghosn, the chairman of both companies, is driving the negotiations and would run the combined entity, the people said.

The parties are discussing a transaction in which Nissan would essentially give Renault shareholders stock in the new company, the people said. Nissan shareholders would also receive shares in the new company in exchange for their holdings, they said. The automaker may maintain headquarters in both Japan and France.

Renault shares jumped as much as 8.3% in early trading Thursday, hitting the highest intraday level in more than a decade. They were up 4.2% at 10:05 a.m. in Paris, giving the company a market value of about 29 billion euros ($36 billion). Nissan shares are down nearly 2% over the past year, giving the company a valuation of 4.6 trillion yen ($43 billion).

Getting a deal done could prove very difficult, the people said. The French government owns 15% of Renault and may be reluctant to relinquish control over its stake or have its position watered down. Both the French and Japanese governments would also have to approve a deal and may have strong opinions on where the combined company is domiciled, the people said.

One possibility would be to base the company in London or the Netherlands, where cross-Atlantic carmaker Fiat Chrysler Automobiles NV has its corporate charter. Fiat Chrysler maintains headquarters in both Italy and the U.S.

No final decisions have been made and the talks, which have been ongoing for several months, may not result in a deal, they said.

A spokesman for the Renault-Nissan alliance said the group doesn’t comment on rumors and speculation, while a spokesman for the French finance ministry declined to comment. Representatives for Yokohama, Japan-based Nissan and Renault also declined to comment.

Reuters reported earlier this month that Nissan was in talks to buy the bulk of the French government’s stake in Renault, citing unidentified people. The Renault-Nissan alliance said at the time any discussion about a share transaction involving the parties was “pure speculation.”

Ghosn has pledged to cement Renault’s partnership with Nissan, saying in February that the companies would devise a plan to “make the alliance irreversible.” The 64-year-old relinquished the chief executive officer role at Nissan last year to focus on the partnership.

The companies are seeking to double synergies to 10 billion euros ($12.2 billion) by 2022 from 2016. In April, Mitsubishi Motors Corp. — in which Nissan is the largest shareholder — will further integrate with the alliance by joining a shared parts-purchasing organization.

The alliance forecasts unit sales of 14 million units by 2022, compared with 10.6 million last year. Volkswagen AG, the world’s largest carmaker, sold 10.7 million vehicles last year.

While the companies have claimed a multitude of benefits from their partnership, its staying power could be complicated until imbalances in the companies’ ownership structures are resolved.

Ghosn reiterated last month that Japan wouldn’t agree to a tighter structure if France remains a shareholder. He also said he isn’t trying to convince the French state to reduce its stake in Renault.

“They decide to be here or to get out,” he said. “Frankly, I don’t even open this subject. I just consider that I have the shareholders that I have and I try to satisfy them in the best way possible and as much as possible make sure that they understand our strategy and appreciate our results.”

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