Geely mulls pulling out from bid for Proton

  • Auto Premium
  • Friday, 03 Mar 2017

THURSDAY, NOVEMBER 24 KUALA LUMPUR- Dewan Rakyat sitting at 1000 (0200 GMT) KUALA LUMPUR- The Association of Malaysian Hauliers' press conference on the B10 diesel issue at 1000 (0200 GMT) KUALA LUMPUR- Proton Holdings Bhd's launch of Proton Ertiga at 1030 (0230 GMT) KUALA LUMPUR- Permodalan Nasional Bhd's media briefing at 1000 (0200 GMT)

KUALA LUMPUR: Shares of DRB-Hicom Bhd fell in late Friday trade on a news report that billionaire Li Shufu said he’s planning to pull Zhejiang Geely Holding Group Co. out of a bid for Proton Holdings Bhd.

At 4.50pm, DRB-Hicom, the parent of Proton, fell six sen to RM1.39.

Bloomberg reported Li as saying DRB-Hicom keeps changing its plans.

“They keep changing, today it’s this, tomorrow’s it’s that,” Li said in an interview in Beijing Friday, before attending the opening of the Chinese People’s Political Consultative Conference. 

“They haven’t decided what they want.”

Hangzhou, China-based Geely Group and France’s PSA Group have submitted bids to buy a stake in money-losing Proton, which needs to bring in a foreign partner to help in research and development as part of conditions it agreed to in order to receive a loan last year. 

Bloomberg reported that Proton CEO Datuk Ahmad Fuaad Kenali and a company spokeswoman both declined to comment on Li’s comments.

Last week, PSA CEO Carlos Tavares said last week that a decision on the Proton bid is expected in spring. Proton owns British sports car maker Lotus Cars Ltd.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Short position Premium
Tough times for IPOs Premium
Targeted ESG regulations needed to ensure intended outcomes Premium
Sustainable recovery down south Premium
External trade surpasses RM2 trillion in 2021 Premium
Bursa Malaysia posts RM355mil earnings in FY21 Premium
AirAsia changes name to Capital A to reflect new core strategy Premium
Affin Hwang sells stake in asset management unit Premium
Inta Bina wins RM161mil construction job Premium
The economics of sports Premium

Others Also Read