12 / 01 / 2010 pablo martinez – emilie glerant – christophe burgun – benoît rojare –...

12 / 01 / 2010 Pablo MARTINEZ – Emilie GLERANT – Christophe BURGUN – Benoît ROJARE – Charles FREMONT – Philippe MERVEILLE – Wyclief LASSEY – Flore LAFARGUE

Alliance PSA Chrysler

Merging by abosrption

Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging

PSA / Mitsubishi alliance


Sommaire

1. Les Fusions par absorption2. Présentation de Peugeot (aux environs de 1978)3. Présentation de Chrysler Europe (aux environs de 1978)4. La tentative de fusion par absorption de Peugeot sur

Chrysler d'après l'expérience de Mr Happe5. Cas de l'alliance entre PSA et Mitsubishi


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging


Pablo MARTINEZ – Emilie GLERANT – Christophe BURGUN – Benoît ROJARE – Charles FREMONT – Philippe MERVEILLE – Wyclief LASSEY – Flore LAFARGUE

12 / 01 / 2010

PSA Peugeot Citroën est né de la réunion, en 1976, de Peugeot et de Citroën puis de la fusion par absorption, en 1978, de Chrysler Europe (deviendra Talbot).

1. Le cas PSA / Chrysler

I. Les Fusions par absorption


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging


http://fr.wikipedia.org/wiki/Fichier:Logopeugeottalbotcitroen.jpg


12 / 01 / 2010

Définition:Opération par laquelle une société dissoute transmet à une société existante ou nouvelle, son patrimoine entier, actif et passif compris.


2. Qu’est ce qu’une fusion-absorption?

Conséquences:•Dissolution de A•Augmentation de capital de B•Echange de droits sociaux (associés de A deviennent les associés de B)•Soulte: rémunération des apports de A


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



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•Améliorer ses parts de marchés face à un concurrent•Acquérir une taille critique•Acquérir des savoir-faire complémentaires à l’activité de l’entreprise•Economiser des coûts de production

• Ex: Composants en commun à 2 véhicules•Simplifier la coopération entre deux sociétés en créant une structure unique•Reprendre une entreprise en difficulté et lui permettre de survivre

• Ex : PSA rachète Citroën

3. Objectifs


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



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•Etablissement d'un projet de fusion•Dépôt de ce projet au greffe du tribunal de commerce•Communication dans chaque département des sièges sociaux des sociétés participantes. •Approbation en assemblée générale du projet de fusion par les associés•Dépôt au greffe d'une déclaration dans laquelle sont répertoriés les actes effectués, en conformité avec la réglementation.

4. Procédure


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



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5. Clefs du succès

•Entente entre les dirigeants des deux entreprises•Vision partagée des partenaires et de leurs avis sur l’évolution de leur secteur•Gérer avec tact l’intégration des deux structures aux cultures parfois très éloignées•Entente sur l’emplacement du siège social et la nouvelle dénomination


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



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•Opération souvent longue et coûteuse au début, de part les restructurations qu’elle implique.•Effet de synergie parfois long

Fusion n’est pas une opération courante, mais plutôt stratégique, dont les fruits sont attendus à long terme.

6. Inconvénients


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



Economic situation of PSA around 1978


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



In 1973 :

PSA is a familial holding in which there are :- Peugeot cycle- Peugeot Steels and Tools- Peugeot cars

Position in the french market : - PSA benefited of the « 30 glorieuses »-2nd french car manufacturer after Renault and followed by Citroën and Simca –Chrysler France- Two main plants : Sochaux and Mulhouse


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



In 1973 : First Oil shock

- Peugeot is still selling cars because of its Diesel cars

- Citroën : completely affected by this oil shock + debts-> bankruptcy

Consequences :

-Michelin, first stockholder of Citroën, wants to sell it to PSA

- In a first time, PSA get 38,4 % of Citroën to see the economic evolutions in 1974, and finally decide to get completely Citroën, Michelin enterring the capital of PSA around 9% (expandable to 12%)


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



In 1976 - 1977 :

Increase of turnover Great net income

• Reach Renault at the first place of the french car manufacturer• 1,5 million cars produced per year

Then, when Chrysler begin to approach PSA, everything is made to make the alliance working


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



1978

PSA buy Chrysler Europe : 230 million dollars for Chrysler UK and Spain

PSA become the FIRST EUROPEN CAR MANUFACTURER

PSA become the 4th car manufacturer in the world

1979

PSA sales : 2,5 million carsPSA net income : 48 billion francs


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



HISTORY OF CHRYSLER EUROPE

It was the European division of American Chrysler, who was active between 1967 and 1979, although their vehicles were sold with Chrysler until 1981, and thereafter to be owned by Talbot and PSA Group.

Between 50 and 60, Chrysler decided to address the global expansion, as for example Ford and General Motors, which already had a solid base in Europe.


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



In 1958, Chrysler began to buy significant stakes: The French company, Simca, in 1963.

The Spanish company, Barreiros, in 1967.

Also it bought the British company, Rootes. The aim was to take total control of both and the sum of these companies resulted in

Chrysler Europe.

The financial situation of the U.S. company had deteriorated sharply during the '70s, which led the company to divest its European subsidiary that was sold to PSA for the symbolic price of 1 dollar in 1978.

The agreement included the maintenance of the Chrysler brand until the end of 1979. From that date the vehicles were renamed Talbot, mark owned PSA.


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



THE MARKET OF CHRYSLER EUROPE:

The first model of Chrysler Europe was the Chrysler 180 which was the result of combining two similar projects that Rootes and Simca had separately at the same time. The sales result was not very good except in Spain. It was sold from 1970 to 1982.

The first single car developed only by Chrysler was the Chrysler 150 which their sales were really high and was awarded the European Car of the Year in 1976. It was sold from 1975 to 1985.


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



The Chrysler Horizon, was another success receiving the award for the Car of the Year in Europe in 1978. It was sold from 1977 to 1986.

The Chrysler Sunbeam was a development entirely from the British side of Chrysler Europe to maintain production plant Linwood, Scotland, which was threatened with closure. It was sold from 1977 to 1981.

At the time of the acquisition of Chrysler Europe by the PSA Group, was in development a vehicle, which eventually took the name of Talbot Tagora.

Apart from these models, Chrysler Europe continued producing and marketing the Rootes and Simca vehicles already produced before the acquisition by Chrysler.


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



M. Happe has started to deal with marketing for Peugeot in 1981M. Happe worked before 10 years in marketing for Chrysler.

Merging of Chrysler with Peugeot explained by M. Happe


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



Motivations for this merge on Peugeot side:

• Peugeot only in France (and a little in Africa) and need to extend to Europe : “vieille dame de Sochaux”. Chrysler Europe meanwhile factories in UK and in Spain.

• Critical scale need by Peugeot Company to be competitive.

• Peugeot need know-how of marketing that Chrysler could bring. Chrysler experience of the European countries.

• At this time there were a discussion about possible merging between Chrysler and Volkswagen: Need to be quick to get Chrysler


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



Causes of the low success of this merging:

•Activity networks difficult to merge. Car dealers of Peugeot and former Chrysler competing each other because in same area. The networks were not complementary.

•Chrysler hadn’t a good public image: Peugeot gave up the Chrysler name.

•The price set by Chrysler was actually too high compared to the assets, useful for Peugeot.

→ Talbot bankrupted in 1982. As Peugeot lost a lot of money they cut cost on their cars and they developed marketing by themselves.

PSA / Mitsubishi cooperation

4007

C- Crosser


12 / 01 / 2010


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



History of the PSA / Mistubishi cooperation :

2005 : first agreement concerning the 4x4 vehicle 30000 vehicle per year

2008 : first common plant, based in Russia 70 % PSA / 30 % Mistubishi Motors

2008 : Work together to developp electrical pull


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



The PSA / Mitsubishi cooperation could turn into an alliance

Since PSA is still looking for a concrete alliance, there are chances for them to developp a real partnership to be more competitive around the world

PSA could enter around 30% to 50% into the Mistubishi capital

How ? Mitsubishi : issue of stock

When ? The two parts are discussing since a few months about this alliance. It could happen early.


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



Consequences of a PSA / Mitsubishi alliance ?

The group would become the 6th car manufacturer of the world

It would be present in all markets around the world

Probalities of this alliance :

Since they are looking for producing together an electric car around 2011, the chances of this alliance are high


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging



QUESTIONS ?


Peugeot (PSA) in

1978

Chrysler in 1978

Peugeot / Crysler

merging


12 / 01 / 2010 pablo martinez – emilie glerant – christophe burgun – benoît rojare –...

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