{"id":15692,"date":"2017-08-31T13:31:26","date_gmt":"2017-08-31T11:31:26","guid":{"rendered":"http:\/\/monempresarial.com\/?p=15692\/"},"modified":"2025-09-25T09:43:16","modified_gmt":"2025-09-25T07:43:16","slug":"ma-a-la-industria-automobilistica-europea-una-aposta-arriscada","status":"publish","type":"post","link":"https:\/\/www.monempresarial.com\/ca\/2017\/08\/31\/ma-a-la-industria-automobilistica-europea-una-aposta-arriscada\/","title":{"rendered":"El concepte econ\u00f2mic: M&#038;A a la ind\u00fastria automobil\u00edstica europea, una aposta arriscada?"},"content":{"rendered":"<p style=\"color: #602d11;\"><span style=\"color: #000000;\"><strong>PSA (Peugeot SA) va anunciar el 6 de mar\u00e7 del 2017 l\u2019adquisici\u00f3 d&#8217;Opel per convertir-se en el n\u00famero 2 de la ind\u00fastria automobil\u00edstica europea. A trav\u00e9s d&#8217;aquest exemple, analitzo els avantatges i riscos de les fusions i adquisicions a la ind\u00fastria automobil\u00edstica europea atesos els reptes actuals.<\/strong><\/span><\/p>\n<h4><span style=\"color: #663300; font-weight: bold; text-transform: uppercase;\">ISABELLE CHABOUD.<\/span><strong>\u00a0Professora associada d\u2019An\u00e0lisi financera, auditoria i gesti\u00f3 de riscos de Grenoble \u00c9cole de Management.<\/strong><\/h4>\n<hr style=\"color: #b72126;\" \/>\n<p><strong>Guany de mercat.<\/strong> Els principals avantatges d&#8217;aquesta adquisici\u00f3 s\u00f3n el guany de quota de mercat i la complementarietat d&#8217;Opel i Vauxhall amb les marques franceses (Peugeot, Citro\u00ebn i DS) a causa de l&#8217;escassetat de <em>cross-shopping<\/em>. El nou grup es convertiria en el segon major fabricant d&#8217;autom\u00f2bils europeu amb una quota de mercat del 17%.<\/p>\n<p><strong>Risc financer. <\/strong>No s&#8217;espera que el preu de compra de 2.200 milions d&#8217;euros tingui un impacte significatiu en la posici\u00f3 de caixa del Grup. No obstant aix\u00f2, Opel &#8220;crema 1.000 milions d&#8217;euros d&#8217;efectiu a l&#8217;any&#8221; i la companyia segueix experimentant p\u00e8rdues. Tot i que la direcci\u00f3 de PSA espera que Opel \/ Vauxhall sigui rendible pel 2020 i que retorni un flux de caixa lliure positiu en aquesta data, no s&#8217;esperen sinergies significatives abans del 2026.<\/p>\n<p><strong>Risc estrat\u00e8gic en la internacionalitzaci\u00f3.<\/strong> Tamb\u00e9 hi ha un risc estrat\u00e8gic, ja que aquesta adquisici\u00f3 ser\u00e0 indirectament perjudicial per a d\u2019altres mercats geogr\u00e0fics internacionals m\u00e9s prometedors, com, per exemple, l\u2019Iran.<\/p>\n<p><strong>Dificultats per afrontar altres reptes clau importants.<\/strong> Aquesta M&amp;A t\u00e9 lloc en un moment en qu\u00e8 tots els fabricants d&#8217;autom\u00f2bils s&#8217;estan transformant en &#8220;prove\u00efdors de mobilitat&#8221;. Han d\u2019adaptar el seu model de negoci, oferir nous productes i serveis i, per tant, han d&#8217;invertir fortament en vehicles el\u00e8ctrics i vehicles aut\u00f2noms. Finalment, no podem eliminar el risc operatiu: el desenvolupament de plataformes comuns entre Opel i PSA, malgrat totes les garanties del seu CEO, podria tenir un impacte en l&#8217;ocupaci\u00f3 m\u00e9s enll\u00e0 del 2018.<\/p>\n<h4 style=\"text-align: center;\"><span style=\"color: #663300;\"><strong>Certament, convertir-se en el segon fabricant d&#8217;autom\u00f2bils europeu darrere de Volkswagen i penetrar en els mercats alemanys i brit\u00e0nics \u00e9s suficient per generar entusiasme. No obstant aix\u00f2, al tancament d\u2019aquesta edici\u00f3 les directrius del Brexit encara no s\u2019havien publicat. A m\u00e9s, PSA creu que Opel arribar\u00e0 a un marge operatiu del 6% (l&#8217;actual nivell de PSA) pel 2026, \u00e9s a dir, en gaireb\u00e9 10 anys! Per tant, qualsevol proc\u00e9s d&#8217;adquisici\u00f3 s&#8217;ha d&#8217;integrar plenament en el proc\u00e9s de gesti\u00f3 de riscos. Durant la Junta General celebrada el 10 de maig, el Grup va obtenir el suport del 99,81% dels accionistes en relaci\u00f3 amb el finan\u00e7ament de l&#8217;adquisici\u00f3, per\u00f2 l&#8217;acord encara no ha estat aprovat per la Comissi\u00f3 de Compet\u00e8ncia. <\/strong><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>PSA (Peugeot SA) va anunciar el 6 de mar\u00e7 del 2017 l\u2019adquisici\u00f3 d&#8217;Opel per convertir-se en el n\u00famero 2 de la ind\u00fastria automobil\u00edstica europea. A trav\u00e9s d&#8217;aquest exemple, analitzo els avantatges i riscos de les fusions i adquisicions a la ind\u00fastria automobil\u00edstica europea atesos els reptes actuals. ISABELLE CHABOUD.\u00a0Professora associada d\u2019An\u00e0lisi financera, auditoria i gesti\u00f3 [&hellip;]<\/p>\n","protected":false},"author":115,"featured_media":15696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"mc4wp_mailchimp_campaign":[],"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"bottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"0","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"1","number_popup_post":"2","show_author_box":"1","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-715","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"10835","hide":""}},"categories":[11,10817,37,10835,4679],"tags":[170,1774,2385,5591,5592,5593],"_links":{"self":[{"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/posts\/15692"}],"collection":[{"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/users\/115"}],"replies":[{"embeddable":true,"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/comments?post=15692"}],"version-history":[{"count":6,"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/posts\/15692\/revisions"}],"predecessor-version":[{"id":48073,"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/posts\/15692\/revisions\/48073"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/media\/15696"}],"wp:attachment":[{"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/media?parent=15692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/categories?post=15692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.monempresarial.com\/ca\/wp-json\/wp\/v2\/tags?post=15692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}