A novel palladium complex 4, cis‐dichloride(1,2‐bis(diphenylphosphino)vinyl‐P,P′,C)palladium(II)‐(bis(diphenylphosphino)methane‐P,P′)cobaltacarbonyl, was obtained and characterized from the treatment of [(μ‐Ph2PCH2PPh2)Co2(CO)4][(Ph2PC≡CPPh2)‐PdCl2] 3 with hydrochloric acid. The framework of 4 can be regarded as a grouping of two metal‐containing fragments: ‐Co(CO)2(dppm) and PdCl2(μ‐P,P‐Ph2PCH=C(‐)PPh2).