Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Dongfeng Motor Group Company Limited    489   CNE100000312

DONGFENG MOTOR GROUP COMPANY LIMITED

(489)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 11/30
7.98 HKD   -3.04%
11/20Top FCA, PSA investors tighten grip as merger approaches
RE
11/20Top FCA, PSA investors tighten grip as merger approaches
RE
11/17Geely Shares Hit Highest Intraday Level Since June 2018
DJ
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Dongfeng Motor : PROGRESS ANNOUCNEMENT FOR THE COMBINATION - AMENDMENT TO COMBINATION AGREEMENT

09/14/2020 | 08:05pm EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

PROGRESS ANNOUCNEMENT FOR THE COMBINATION

AMENDMENT TO COMBINATION AGREEMENT

Reference is made to the announcement of the Company dated 18 December 2019 (the "First Announcement") and the circular dated 17 June 2020 (the "Circular"), in relation to, amongst others, the undertaking in relation to combination of PSA and FCA and the PSA Share Repurchase Agreement which in aggregation constitutes a major and connected transaction.

On 14 September 2020 (French time), PSA and FCA entered into the Amendment to Combination Agreement (the "Amendment"), in relation to, among others, certain amendments to the Combination Agreement, including but not limited to FCA dividend, Faurecia distribution, ordinary dividend of PSA and FCA, and PSA and FCA have announced the joint press release the same day, announcing the amendments to the Combination Agreement (the "Joint Press Release")

Other than the amendments stated in this announcement, all other principal terms and conditions of the Combination Agreement as disclosed in the First Announcement and Circular remain unchanged.

INTRODUCTION

Reference is made to the announcement of the Company dated 18 December 2019 and the circular dated 17 June 2020, in relation to, amongst others, the undertaking in relation to combination of PSA and FCA and the PSA Share Repurchase Agreement which in aggregation constitutes a major and connected transaction. Unless otherwise defined, all capitalized terms used herein shall have the respective meanings ascribed to them in the Circular.

In order to support the capital structure and optimize the operations of the New Company following completion of the Combination while maintaining the careful balance reflected in the Combination and the relative benefits of the Combination to the shareholders in each of PSA and FCA, PSA and FCA have entered into the Amendment to Combination Agreement on 14 September 2020 (French time).

AMENDEMENTS

The principal terms of the Amendment are as follows:

I. Date

14 September 2020 (French time).

II. Parties

PSA; and

FCA

III. FCA Dividend and Faurecia distribution

As previously disclosed in the Circular, FCA will distribute to its shareholders a special dividend of €5.5 billion while PSA will distribute to its shareholders its 46% stake in Faurecia prior to the closing of the Combination. Pursuant to the Amendment, FCA intends to make a cash distribution of €2.90 billion payable to its shareholders prior to the closing of the Combination, and PSA and FCA intends that, promptly following the closing of the Combination, the New Company will distribute to its shareholders by dividend or other form of distribution all of the shares held by the New Company in Faurecia.

IV. Ordinary dividend of PSA and FCA

As previously disclosed in the Circular, each PSA and FCA intended to distribute a €1.1 billion ordinary dividend in 2020 related to fiscal year 2019, subject to approval by each of PSA's and FCA's board of directors and shareholders. Pursuant to the Amendment, PSA will review with its management board and supervisory board and FCA will review with its board of directors a potential distribution of €500 million to be paid by each of PSA and FCA to its shareholders, respectively, prior to the closing of the Combination, provided that such distribution shall be paid only if it is paid by both PSA and FCA, or, in the alternative, a potential cash distribution of €1.0 billion to be paid by the New Company following the closing of the Combination to shareholders of the New Company.

Other than the amendments stated in this announcement, all other principal terms and conditions of the Combination Agreement as disclosed in the First Announcement and Circular remain unchanged and that completion of the Combination is expected to take place by the end of the first quarter of 2021, subject to the previously agreed conditions to closing in the Combination Agreement.

REASONS FOR THE AMENDMENT

PSA and FCA have agreed on the Amendment in order to address the liquidity impact on the automotive industry of the COVID19 pandemic while preserving the economic value and fundamental balances of the Combination Agreement as disclosed in the Joint Press Release. The exchange ratio, being each issued and outstanding ordinary share, par value €1.00 per share of PSA, exchanged for 1.742 common shares, par value €0.01, of the New Company in the Combination, and the other material terms and conditions of the Combination remain unchanged as previously disclosed in the First Announcement and Circular.

In light of above, the Company considers that the Amendment does not constitute a material variation to the terms of the Combination Agreement and there's no material impact on the Company's interest in the Combination.

By order of the Board of Directors

ZHU YANFENG

Chairman

Wuhan, the PRC, 15 September 2020

As at the date of this announcement, Mr. Zhu Yanfeng, Mr. Li Shaozhu and Mr. You Zheng are the executive Directors of the Company, Mr. Cheng Daoran is the nonexecutive Director of the Company, and Mr. Ma Zhigeng, Mr. Chen Yunfei and Mr. Leung Wai Lap, Philip are the independent non- executive Directors of the Company.

* For identification purposes only

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

DFM - Dongfeng Motor Group Co. Ltd. published this content on 15 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2020 00:04:07 UTC


© Publicnow 2020
All news about DONGFENG MOTOR GROUP COMPANY LIMITED
11/20Top FCA, PSA investors tighten grip as merger approaches
RE
11/20Top FCA, PSA investors tighten grip as merger approaches
RE
11/17Geely Shares Hit Highest Intraday Level Since June 2018
DJ
11/13Daimler to revamp China plant to make Actros trucks as sales surge
RE
11/08Chinese autonomous truck startup Inceptio raises $120 million from CATL, othe..
RE
11/02Alibaba-backed autonomous car firm AutoX to test in four more cities
RE
10/28Knorr-Bremse's China JV Begins Work on New Plant
DJ
10/26Nissan to raise output capacity in China by 30% - Yomiuri
RE
10/26REFILE-FACTBOX-FIAT CHRYSLER, PEUGEO : how it would work
RE
10/11DONGFENG MOTOR : Nissan says China sales rose 5.1% year-on-year in September
RE
More news
Financials
Sales 2020 102 B 15 502 M 15 502 M
Net income 2020 9 486 M 1 444 M 1 444 M
Net Debt 2020 21 519 M 3 275 M 3 275 M
P/E ratio 2020 7,29x
Yield 2020 3,53%
Capitalization 69 015 M 8 902 M 10 504 M
EV / Sales 2020 0,89x
EV / Sales 2021 0,83x
Nbr of Employees 136 549
Free-Float 30,8%
Chart DONGFENG MOTOR GROUP COMPANY LIMITED
Duration : Period :
Dongfeng Motor Group Company Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DONGFENG MOTOR GROUP COMPANY LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 8,14 CNY
Last Close Price 8,01 CNY
Spread / Highest target 61,1%
Spread / Average Target 1,58%
Spread / Lowest Target -41,1%
EPS Revisions
Managers
NameTitle
Shao Zhu Li President, CEO & Executive Director
Wei He Chairman-Supervisory Board
Yan Feng Zhu Chairman
Wen Qing Wei Head-Operation Management Department
Jun Yu Head-Organization & Information Department
Sector and Competitors
1st jan.Capitalization (M$)
DONGFENG MOTOR GROUP COMPANY LIMITED8.87%8 869
TOYOTA MOTOR CORPORATION-9.27%187 533
VOLKSWAGEN AG-19.80%89 676
DAIMLER AG14.34%72 179
GENERAL MOTORS COMPANY19.78%62 749
BMW AG-0.14%56 317