Malaysia's Proton Halts Alliance Talks With Foreign Automakers
Voice of America
November 26, 2007
Shares in Malaysian carmaker Proton went down almost 20 percent after the company announced it had ended talks about cooperation with U.S. automaker General Motors and Germany's Volkswagen. Talks about a partnership had begun in 2004, and were aimed at revitalizing the struggling Malaysian company.
Vincent Khoo, research head of Malaysian investment bank Aseambankers, says the Malaysian government thinks there is no longer any need for a strategic partnership, as Proton's fortunes have turned around in recent months.
"The official reason given was that Proton has made a good turnaround for itself under the present management - with the various tie-ups Proton has made, particularly with Chinese parties, to strengthen the exports-base for Proton," Khoo said.
Excerpt from an Asian business report by the same name, non-automotive content excluded.
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