24-05-2017, 03:13 PM
(This post was last modified: 24-05-2017, 03:16 PM by cyclone.
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China's Geely to Acquire 49.9% of Malaysian Carmaker Proton
Bloomberg News
May 23, 2017, 10:44 PM GMT+8 Updated on May 24, 2017, 2:54 PM GMT+8
Malaysian conglomerate DRB-Hicom Bhd. agreed to sell a 49.9 percent stake in its unprofitable carmaker Proton Holdings Bhd. to Chinese billionaire Li Shufu’s Zhejiang Geely Holding Group.
Geely will also buy a 51 percent stake in British sports-car maker Lotus Cars from Proton and the two parties expect to sign a final agreement before the end of July, the Chinese company said on Wednesday. DRB-Hicom is still negotiating on the transaction price, after reaching agreement on a ballpark figure, Group Managing Director Syed Faisal Albar said at a press conference in Putrajaya.
The Chinese automaker, which acquired Sweden’s Volvo Cars in 2010, said the agreement lays the foundation for it to explore synergies with Proton and Lotus in areas such as research and development, manufacturing and marketing. Geely will seek to transform the two carmakers, and aims to build Proton into the most competitive brand in Malaysia and a leading nameplate in Southeast Asia.
More details in https://www.bloomberg.com/news/articles/...y-j31o98jt
Bloomberg News
May 23, 2017, 10:44 PM GMT+8 Updated on May 24, 2017, 2:54 PM GMT+8
Malaysian conglomerate DRB-Hicom Bhd. agreed to sell a 49.9 percent stake in its unprofitable carmaker Proton Holdings Bhd. to Chinese billionaire Li Shufu’s Zhejiang Geely Holding Group.
Geely will also buy a 51 percent stake in British sports-car maker Lotus Cars from Proton and the two parties expect to sign a final agreement before the end of July, the Chinese company said on Wednesday. DRB-Hicom is still negotiating on the transaction price, after reaching agreement on a ballpark figure, Group Managing Director Syed Faisal Albar said at a press conference in Putrajaya.
The Chinese automaker, which acquired Sweden’s Volvo Cars in 2010, said the agreement lays the foundation for it to explore synergies with Proton and Lotus in areas such as research and development, manufacturing and marketing. Geely will seek to transform the two carmakers, and aims to build Proton into the most competitive brand in Malaysia and a leading nameplate in Southeast Asia.
More details in https://www.bloomberg.com/news/articles/...y-j31o98jt
Specuvestor: Asset - Business - Structure.