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.
manbetx3.0 东风汽车公司(Dongfeng)和法国政府入股标致汽车(Peugeot)的最终细节传出，导致标致汽车的股价在周二下午略有下跌。东风和法国政府将分别向标致注资8亿欧元，各自买下14%的股份。这笔注资比一些传言所说的要少。不过，加上配股和向西班牙桑坦德银行(Santander)出售部分融资业务所获得的资金，这家汽车制造商应该会拿到超过30亿欧元的新资金，借以挺过欧洲汽车市场将会面临的漫长的恢复期（不过这个市场至少目前看来已有起色）。如果想评估这些资金是否充足，投资者在标致周三公布2013年年报时，需要特别注意其中用于制造经营的资金有多少。该公司曾表示，这部分投入将从2012年的30亿欧元至少削减一半，但多数分析师估计这笔资金仍会大大超过10亿欧元。