Report: Volkswagen wins bid for Proton
Posted by Lorenzo at 9:53 am
An unconfirmed report by XFN-Asia suggests that Volkswagen has won the bid for a majority stake in Malaysia's Proton, beating our General Motors and PSA Peugeot-Citroën for the 51% controlling stake in the state-owned company. The XFN article is short on details but claims that the official announcement will be made on February 8.
For years, Volkswagen has been toying with the idea of taking stake in Proton, which also owns the Lotus brand. Indeed, Volkswagen considered Lotus to help them develop the now dead GX3. In 2005, Volkswagen and Proton had an agreement which saw Proton building Volkswagen models in their underutilized plants, however this agreement never saw the light of day. It was only late last year when talks between Volkswagen and Proton resumed.
For years, Volkswagen has been toying with the idea of taking stake in Proton, which also owns the Lotus brand. Indeed, Volkswagen considered Lotus to help them develop the now dead GX3. In 2005, Volkswagen and Proton had an agreement which saw Proton building Volkswagen models in their underutilized plants, however this agreement never saw the light of day. It was only late last year when talks between Volkswagen and Proton resumed.
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