PSA and Geely said to have submitted bids for stake in Proton

Two bids: A file picture showing a Proton car in a showroom. PSA and Geely are said to have submitted bids for stakes in the car maker. – Reuters

HONG KONG: France’s PSA Group and China’s Zhejiang Geely Holding Group Co have submitted bids to buy a stake in money-losing Malaysian automaker Proton Holdings Bhd, according to people with knowledge of the matter.

Negotiations are still preliminary, with bids being evaluated and clarified, said one of the people, who asked not to be identified as the talks are private. The exact size of the stake to be sold in Proton, which also owns British sports car maker Lotus Cars Ltd, will be determined after discussions, the person said.