GM to join bidders for Malaysia's Proton - report |
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Published
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Wed, 10 Jan 2007 05:25
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KUALA LUMPUR (XFN-ASIA) - General Motors Corp (GM) is planning to make a bid for Malaysia's struggling automaker Proton, joining Volkswagen AG and PSA Peugeot Citroen which are also reputed suitors, a report said.The New Straits Times cited unnamed sources as saying that GM officials had met several times with Proton management and shareholders since November, in its third approach to the Malaysian carmaker in almost a decade.The daily said that in 1998 the US auto giant offered to take a stake in Proton but that its offer was not taken up, and three years ago it initiated talks on a technical tie-up with its South Korean unit.The fresh bid involves a plan to take a small stake in Proton at the holding level, as well as a stake in its manufacturing arm, it said.The Malaysian government is currently negotiating a partnership deal aimed at providing Proton with the expertise it needs to arrest a sharp decline in market share in a newly competitive market.It owns 59 pct of Proton, including a 43 pct stake held by its investment arm Khazanah Nasional, and is believed to be aiming to conclude the negotiations by March.Three Malaysian automotive companies -- DRB-HICOM, the Naza group and the Mofaz group -- have expressed interest in acquiring all or part of the government's stake.However, earlier reports said the government prefers to choose between either Germany's Volkswagen or France's PSA Peugeot Citroen.afp/sls/lh/km
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