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After more than a hundred years in control of one of Europe’s great industrial groups, it was no wonder that the Peugeot family became divided over the deal that would take their flagship business out of their hands.
在掌控歐洲工業(yè)巨頭——標(biāo)致（Peugeot）100多年后，標(biāo)致家族將因為新近的一筆交易，失去對這家旗艦企業(yè)的控制權(quán)。家族內(nèi)部對這筆交易存在分歧，在所難免。
Robert Peugeot, who runs the family holding company, and Philippe Varin, the carmaker’s chief executive, had agreed that a deal with Chinese carmaker Dongfeng Motor and the French government – announced on Wednesday – was essential.
管理該家族控股公司的羅貝爾•標(biāo)致(Robert Peugeot)和標(biāo)致首席執(zhí)行官菲利普•瓦蘭(Philippe Varin)都認(rèn)為，周三宣布的與中國汽車制造商東風(fēng)汽車(Dongfeng Motor)和法國政府達(dá)成的交易，對標(biāo)致而言至關(guān)重要。
Not only would the 3bn capital injection put the group on a firmer footing for investing in Europe, where car sales have been at their worst for 20 years, but it would also enable Peugeot to grow its footprint in Asia.
30億歐元的注資，不僅能讓標(biāo)致在歐洲投資時底氣更足，還能提升公司在亞洲的影響力。歐洲汽車市場上的銷量，正處于20年來的最差水平。
Dongfeng had let it be known that it might be willing to help out at the start of 2013. Preliminary discussions with Dongfeng and the French state began in July, and a plan of action was hatched.
2013年初，東風(fēng)即放出消息，表示或愿出手相助。標(biāo)致、東風(fēng)和法國政府從去年7月開始三方間的初步磋商，之后擬定了行動計劃。
Code names were even chosen, based on famous artists. In secret documents, the Peugeot family was “Picasso”, Dongfeng was “Degas”, General Motors, which until recently owned a small stake in Peugeot, was “Gauguin” and the French state was “Fragonard”.
各方甚至各自選取了著名藝術(shù)家的名字作為代號。在秘密文件中，標(biāo)致家族被稱為“畢加索”(Picasso)，東風(fēng)被稱為“德加”(Degas)，直到最近一直持有標(biāo)致少量股權(quán)的通用汽車(General Motors)被稱為“高更”(Gauguin)，法國政府則是“弗拉貢納爾”(Fragonard)。
But Thierry Peugeot, set to lose the chairmanship and weighed down by a sense of responsibility over the legacy of a mighty French dynasty, had other ideas. There were other ways to fend off disaster, he felt.
然而，即將失去董事會主席職務(wù)的蒂埃里•標(biāo)致(Thierry Peugeot)，卻對這筆交易卻有不同感受。對這個曾代表了法蘭西工業(yè)榮光的家族企業(yè)，他懷有強烈的使命感。他相信，還有其他方法挽救這個企業(yè)。
He argued that the family, which survived two world wars and multiple financial crises at the helm, was giving away too much – and, while the company needed a new direction, it could raise enough money on the markets without the Chinese.
他認(rèn)為，曾帶領(lǐng)這家造車企業(yè)度過兩次世界大戰(zhàn)、數(shù)度金融危機的標(biāo)致家庭，在這筆交易中讓步太多。他認(rèn)為，盡管標(biāo)致需要新的方向，但仍可以在沒有中國企業(yè)介入的情況下，從市場籌集足夠多資金。
Last month, he penned a letter to his brother Robert, which later appeared in the press, saying that the deal was a “bad idea” and adding: “I am worried about the strategy of withdrawal from Peugeot that you seem to want to carry out.”
上月，他致信兄弟羅貝爾（這封信后來被媒體曝光）稱，這筆交易是個“壞主意”，還說：“我對你似乎執(zhí)意要退出標(biāo)致的戰(zhàn)略感到擔(dān)心。”
He is not the only one with reservations, which will see the French state and Dongfeng pay 800m for 14 per cent each of Peugeot, Europe’s second-largest carmaker by sales, alongside a deeper industrial partnership with the Chinese group.
他并非唯一對這筆交易持保留意見的人。根據(jù)該交易，法國政府和東風(fēng)將分別出資8億歐元，各購入標(biāo)致14%的股權(quán)。此外，標(biāo)致還將與東風(fēng)展開更深入的行業(yè)合作。以汽車銷量計，標(biāo)致是歐洲第二大汽車制造商。
The three main shareholders – Dongfeng, Paris and the family – have committed to not increasing their stakes above 14 per cent for the next 10 years, Mr Varin told the Financial Times in an interview on Wednesday.
瓦蘭周三在接受英國《金融時報》采訪時表示，3個主要股東——東風(fēng)、法國政府和標(biāo)致家族——都已承諾，未來10年內(nèi)，不會將各自持股比例提高至超過14%。
But Harald Hendrikse, head automotive analyst at Nomura, says: “It’s a bargain. For Dongfeng this is an absolute bargain . . . and a game-changer for the Chinese car industry. Peugeot had no choice for negotiation in any part of this deal.”
野村(Nomura)首席汽車分析師哈拉德•亨德里克斯(Harald Hendrikse)表示：“這是筆好買賣。對東風(fēng)而言，價格絕對便宜……這個交易能改變中國汽車業(yè)的格局。從談判各個方面看，標(biāo)致都處于弱勢。”
Some analysts have argued that it would have been better for Peugeot instead to sell its financing arm – which lends money to new car buyers – or its parts division, Faurecia, if it really needed money to invest in cars and powertrains.
一些分析師認(rèn)為，如果標(biāo)致確實需要資金投入車型和動力系統(tǒng)，那么出售它的向新車購買者提供貸款的金融部門，或者賣掉零配件部門佛吉亞(Faurecia)，都會是更好的選擇。
Critics also argue that sales in Asia, while clearly welcome, will not address the core issues of its weakness in Europe – and the new ownership arrangement by Beijing, the Elysée Palace and the Peugeot family has the potential to create conflict.
批評者還指出，盡管亞洲汽車銷量強勁，但這無法解決標(biāo)致在歐洲市場表現(xiàn)疲弱這一核心問題，而新的由中方、法國政府和標(biāo)致家族共同持股的所有權(quán)安排，可能會引發(fā)沖突。
“We see a risk of a Pyrrhic victory,” says Max Warburton, analyst at Bernstein Research. “The Dongfeng deal will close out strategic options,” and government involvement “is hardly likely to lead to improved efficiency, competitiveness and growth.”
“我們認(rèn)為，這有可能成為一場‘得不償失的勝利’，”伯恩斯坦研究公司(Bernstein Research)分析師馬克斯•沃伯頓(Max Warburton)說。“引進東風(fēng)，就排除了標(biāo)致的其他戰(zhàn)略選擇”，而法國政府的角色將很難讓公司實現(xiàn)“效率、競爭力和增長的提升”。
However, these objections – and those of Thierry – have been overruled after months of disagreements. On Wednesday, Peugeot said it had begun a new chapter in its history and its global expansion. “PSA is back on the attack,” said Mr Varin.
但在數(shù)月的分歧后，這些反對意見——包括蒂埃里的——已被否決。周三，標(biāo)致宣布，它的企業(yè)歷史和全球擴張都已翻開了新篇章。瓦蘭說：“標(biāo)致雪鐵龍(PSA)將重新發(fā)起攻勢。”
Now, the question remains over how successfully the group can execute its plan under the aegis of new chief executive Carlos Tavares, an industry veteran and former number two at Renault who takes over in March, but will be in charge of operations from Wednesday.
現(xiàn)在的問題是，集團能否在新任首席執(zhí)行官卡洛斯•塔瓦雷斯(Carlos Tavares)的帶領(lǐng)下，逐步推進計劃。塔瓦雷斯是業(yè)界資深人物，曾任雷諾(Renault)二把手。他將于3月份正式接任，但從本周三起已開始坐鎮(zhèn)標(biāo)致。
“The company is now in a much stronger position to move forward, but there are still some important questions to be sorted out,” said Mr Varin. “I am not saying everything is solved. A lot of work still has to be done.”
“公司現(xiàn)在做好了前進的更充分準(zhǔn)備，但仍然有一些重要的問題需要解決，”瓦蘭表示，“我不會說所有問題已經(jīng)解決。還有許多工作要做。”
Peugeot’s first problem has always been its small size and focus on Europe – which became untenable as European sales began to tumble after the 2008 economic crisis. It still relies on the continent for 58 per cent of its sales. A turnround here will be tough. The European market shrunk for the sixth straight year in 2013, and Peugeot’s market share in the region shrank from 12.8 per cent in 2007 to 11.9 per cent, although it has shown recent signs of improvements.
標(biāo)致的頭號問題仍然是規(guī)模小、太過依賴歐洲市場。隨著歐洲銷量在2008年經(jīng)濟危機后暴跌，這種戰(zhàn)略已經(jīng)站不住腳。標(biāo)致58%的銷量仍來自歐洲大陸。局面不易扭轉(zhuǎn)。歐洲市場2013年迎來六連跌，標(biāo)致在這個市場的份額從2007年的12.8%下降到了現(xiàn)在的11.9%，雖然它近期表現(xiàn)出好轉(zhuǎn)跡象。
With little help likely from wider markets, Mr Tavares will need to squeeze costs and suppliers as much as possible, try to regain market share, and invest part of the 3bn in the next generation of cars and powertrains.
在整體市場不利的情況下，塔瓦雷斯需要盡量縮減成本、擠壓供應(yīng)商，努力奪回市場份額，并且將30億歐元融資的一部分，投入下一代汽車和動力系統(tǒng)的開發(fā)中。
However, further cost-cutting will be hard with the government on the board – and with Peugeot having agreed with unions last March that it will not close any plants in France for three years, and that it will increase French production.
不過，標(biāo)致去年3月與工會達(dá)成協(xié)議，3年內(nèi)不會關(guān)閉在法國的任何工廠，并且將增加在法國的產(chǎn)量。再加上法國政府進入董事會，進一步削減成本將不會是易事。
Peugeot already accounts for 60 per cent of France’s car production and employs close to 100,000 people locally, in an industry that, directly or indirectly, accounts for about one in 10 French jobs.
標(biāo)致已經(jīng)占據(jù)法國汽車產(chǎn)量的60%，在法國雇傭近10萬人。汽車業(yè)直接或間接貢獻(xiàn)了法國十分之一的就業(yè)。
“It’s an absolutely strategic investment,” said Pierre Moscovici, French finance minister. “The idea for the state is to guarantee the presence of PSA in France. We’ll be a stable, sound and non-sleeping shareholder.”
“這絕對是一筆戰(zhàn)略性投資，”法國財長皮埃爾•莫斯科維奇(Pierre Moscovici)說。“政府的宗旨是保障標(biāo)致雪鐵龍在法國的存在。我們將是穩(wěn)健而清醒的股東。”
Mr Tavares’ second challenge is the crucial, but tough task of trebling sales in China to hit a 1.5m target by 2020, as part of a wider goal to sell 50 per cent of its cars outside Europe by 2015.
塔瓦雷斯的第二個挑戰(zhàn)既關(guān)鍵又艱巨，就是在2020年前實現(xiàn)在華銷量提高兩倍，達(dá)到150萬輛的目標(biāo)。標(biāo)致的總體目標(biāo)，是在2015年前將歐洲之外的銷量份額增加到50%。
Then there is the tall order of turning round operations in Latin America and Russia – the two emerging markets in which Peugeot has been struggling to turn a profit for years. “China, southeast Asia [will be the focus],” said Mr Varin. “In Latin America and Russia, what is at stake is more turning around in terms of profitability. Market share is not an objective per se . . . Clearly, here, we are still to find a proper structural solution. For the rest it is really, full speed on the execution.”
此外標(biāo)致還有一項艱難任務(wù)：扭轉(zhuǎn)拉美和俄羅斯的業(yè)務(wù)。標(biāo)致多年來在這兩個新興市場都很難實現(xiàn)盈利。“中國和東南亞將是重點發(fā)展的目標(biāo)，”瓦蘭稱，“而在拉美和俄羅斯，更重要的是在盈利上扭轉(zhuǎn)局面。市場份額本身不是目標(biāo)……很明顯，在那些市場，我們還在尋找合適的結(jié)構(gòu)性方案。至于其余問題，主要依賴執(zhí)行的速度。”
Finally, Mr Tavares will have to manage potentially conflicting forces in the board room, with likely two seats each going to Beijing, the Elysée and the divided Peugeot family.
最后，塔瓦雷斯還得在董事會中的不同勢力間調(diào)停。東風(fēng)、法國政府和分裂的標(biāo)致家族，可能在董事會上各占兩席。
