"La fusion SAIC/NAC est proche", vient de déclarer l'un des porte-paroles de la SAIC à l'agence REUTERS à Shanghaï. Les actifs respectifs des deux groupes ont été évalués, il reste juste quelques détails techniques à régler. il n'y a pas de calendrier imposant une date de fusion mais une annonce pourrait être faite dès le mois prochain, une sorte de lancement préalable de la fusion.
SAIC, Nanjing Auto seen moving closer to merger
Reuters
November 8, 2007 -- 12:00 CET
SHANGHAI (Reuters) -- The parent groups of SAIC Motor Corp and Nanjing Automobile Group are close to completing a review of each other's assets, bringing them nearer to a planned merger, an SAIC spokeswoman said today.
"The two sides are in the final stage of their audits and asset evaluations, but still need to discuss technical details," said the spokeswoman, who asked not to be indentified.
"There is no timetable for the merger," she added.
A source familiar with the situation, however, said a deal could be sealed before the end of the year.
"A decision could be made next month, as previously scheduled," the source told Reuters.
The source added that one option would be to fold the vehicle production assets of Nanjing Auto, owner of the MG car brand, into SAIC Motor, while Nanjing Auto's components-related assets would be combined with SAIC's parent, Shanghai Automotive Industry Corp.
In return, Nanjing Auto's state-owned parent would take a stake in Shanghai Automotive or its listed unit, SAIC Motor, the source said, although other possible shareholding and structural arrangements were also under consideration.
Nanjing Auto declined to comment.
Nanjing Auto, which manufactures Yuejin brand light trucks as well as Iveco light buses via a commercial vehicle tie-up with Fiat, is currently owned by five state shareholders.
National champions
Beijing has been encouraging consolidation in China's fragmented auto industry, with more than 100 players, to create a few national champions able to compete with global giants at home and overseas.
The SAIC-Nanjing Auto merger, if it goes ahead as planned, would be the first major industry consolidation in recent years in China, the world's second-largest auto market.
The Shanghai Securities News reported today that Fiat had started to pull its employees from Nanjing Fiat, its loss-making car venture with Nanjing Auto, and a dissolution of the joint venture was imminent.
A Nanjing Auto spokesman said he had not seen a massive pullout of Fiat employees from the venture and no decision on its future had yet been reached. He did not, however, rule out an eventual dissolution.
Nanjing Fiat is one of only a few foreign car joint ventures that has not taken off in China, where the market has seen rapid growth including a 30 percent surge last year to 5.18 million cars sold.
The relationship between the Italian and Chinese companies deteriorated after Nanjing Auto unexpectedly took control of most of the assets of failed UK car maker MG Rover in 2005.
Fiat CEO Sergio Marchionne said in May that he was unhappy with Nanjing Auto -- which has been busy relaunching the MG brand in global markets -- and was considering scrapping Fiat's 50 percent-owned venture with the Chinese auto maker.
Both parties have made efforts to mend the relationship.
In August, however, Fiat signed an initial joint venture deal with China's Chery Automobiles to make 175,000 cars a year.
The venture will produce and distribute Fiat and Chery brand cars, while Fiat will launch its Alfa Romeo brand in China. The venture is due to start production in 2009.
SOURCE: Automotive News