PSA Peugeot Citroën’s board has approved an outline deal to raise cash by selling stakes to China’s Dongfeng and the French government, clearing the way for final negotiations over terms, writes Michael Stothard.
PSA标致雪铁龙（PSA Peugeot Citroën，简称“标致”）的董事会批准了一项通过向中国东风(Dongfeng)和法国政府出售股份来筹资的框架性协议，为最终的条款谈判扫清了道路。
The carmaker will hammer out a deal in the next few weeks to raise about 3bn from investments by the two parties and a share sale.
这家汽车制造商将在未来几周内敲定协议，通过上述两方的投资和售股筹集约30亿欧元。
Peugeot, hit hard by the worst European car market for two decades and bleeding cash, says it needs the investment to stay competitive and to reduce its reliance on moribund European markets.
“标致”遭受了20年来最低迷欧洲汽车市场和“烧钱”的沉重打击。该公司表示，它需要投资来保持竞争力，并减少对死气沉沉的欧洲市场的依赖。
The Financial Times reported last month that Peugeot and Dongfeng had agreed the outlines of an industrial and commercial partnership, including an expected deal to produce low-cost small cars for southeast Asian markets.
英国《金融时报》上月报道称，“标致”和东风已就工业和商业层面的合作达成框架性协议，包括一份预期将达成的面向东南亚市场生产低成本小型汽车的协议。
Peugeot declined to comment on the board meeting or the capital increase, although it has admitted being in talks with Dongfeng.
“标致”拒绝就董事会会议或增资计划置评，不过它承认确实在与东风谈判。
Under the proposal, Paris and Dongfeng would each acquire about a 14 per cent stake at 7.50 to 8 per share, or about 750m, according to Les Echos, a French newspaper. The rest of the 3bn would come from a rights issue to shareholders and a subsequent issue of shares on the market, the newspaper report said.
据法国《回声报》(Les Echos)报道，根据提议，法国政府和东风将以每股7.5至8欧元的价格各自买下约14%的股份（相当于各自出资约7.5亿欧元）。该报报道称，30亿欧元中其余资金将通过向股东配股以及后续在市场上发行新股来筹集。
The shares were down 5 per cent yesterday, not helped by the group reporting a 4.9 per cent sales decline to 2.82m vehicles in 2013.
“标致”股价昨日下跌5%，部分原因是该公司报告2013年销量下滑4.9%，至282万辆。
An injection of 3bn would result in the Peugeot family losing control of the business it founded in 1882.
30亿欧元的注资将让标致家族对这家自己创建于1882年的企业失去控股权。
Thierry Peugeot, chairman, has been reluctant to back the capital increase plan, which is supported by Robert Peugeot, who heads the family holding company, and outgoing chief executive Philippe Varin, according to people close to the family.
与标致家族关系密切的人士称，董事长蒂埃里•标致(Thierry Peugeot)一直不支持增资计划，而标致家族控股企业负责人罗贝尔•标致(Robert Peugeot)、以及即将卸任的首席执行官菲利普•瓦兰(Philippe Varin)则支持这一计划。
Dongfeng is one of China’s largest car manufacturers with annual revenues of $63bn.
年度营收达630亿美元的东风是中国最大汽车制造商之一。
It already operates manufacturing ventures with Peugeot, Honda, Kia and Nissan – and last week signed a partnership agreement with Renault.
东风与标致、本田(Honda)、起亚(Kia)和日产(Nissan)均合资设立了工厂，上月还与雷诺(Renault)签署了合作协议。
If completed and approved by Beijing, Dongfeng’s tie-up with Peugeot could catapult it on to the global stage – a first for a Chinese state-owned carmaker.
如果与标致联姻的协议完成并得到中国政府批准，东风可能由此跻身世界级车企之列，这对中国国有汽车制造商而言将是首例。
Najat Vallaud-Belkacem, a government spokeswoman, said on RTL radio yesterday that Peugeot had a new industrial partner and the French state was “deeply attached” to the carmaker.
法国政府女发言人纳贾德•瓦洛-贝勒卡西姆(Najat Vallaud-Belkacem)昨日在RTL电台上表示，标致有了一个新的产业合作伙伴，法国政府也对这家汽车制造商“深切关心”。