Shares in France’s Peugeot shaded lower on Tuesday afternoon as final details of the planned partnership with China’s Dongfeng and the French government leaked out. The cash injections that each will make – €800m apiece for similar 14 per cent stakes – look smaller than some rumours had suggested. Still, add in the proceeds of the rights issue and a deal with Santander over the finance arm, and the carmaker should have well over €3bn of new capital to see it through a potentially slow recovery in Europe’s mass car markets, now at least ticking upwards. In order to assess the adequacy of these funds, investors will need to focus closely on the extent of the cash burn in the industrial operations when Peugeot announces its 2013 results on Wednesday. The carmaker has talked of reducing this at least by a half from 2012’s €3bn, but consensus estimates are still for well over €1bn.
中國東風汽車公司(Dongfeng)和法國政府入股標致汽車(Peugeot)的最終細節傳出，導致標致汽車的股價在周二下午略有下跌。東風和法國政府將分別向標致注資8億歐元，各自買下14%的股份。這筆注資比一些傳言所說的要少。不過，加上配股和向西班牙桑坦德銀行(Santander)出售部分融資業務所獲得的資金，這家汽車制造商應該會拿到超過30億歐元的新資金，借以挺過歐洲汽車市場將會面臨的漫長的恢復期（不過這個市場至少目前看來已有起色）。如果想評估這些資金是否充足，投資者在標致周三公布2013年年報時，需要特別注意其中用于制造經營的資金有多少。該公司曾表示，這部分投入將從2012年的30億歐元至少削減一半，但多數分析師估計這筆資金仍會大大超過10億歐元。