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Discussions between Proton and Volkswagen to be completed at the End of the Year

Proton and Volkswagen came together for the third time in Germany recently, after talks in Thailand and the United States. The ongoing alliance talks between troubled automaker Proton and German auto firm Volkswagen is expected to be finalized by the end of the year. Khazanah’s managing director Azman Mokhtar has set the end of this year as the “overall deadline” to clinch a deal.

Khazanah Nasional is the state investment arm controlling shareholder in Proton, with a 42.74 percent stake. State pension fund (EPF) and national oil firm Petronas own 12.07 percent and 8.84 percent respectively.

The status of Proton as Malaysia’s biggest-selling automaker was defeated by the competitor Perodua last year. Perodua mainly produces small sized cars. Its cars became very popular among Malaysians, such as the recently introduced Perodua Myvi, which sold 80,327 units in 2006 that shows success in their business ventures.

Recently Proton was reported to attain larger-than-expected net losses of 591.36 million ringgit (172.4 million dollars) for the year to March 2007 that is why the company needs foreign technical expertise to stem a sharp decline in market share and to cut losses.

“The good news is we are still talking. Things are happening. Discussions are on-going (and) hopefully we will resolve it soon,” Nor Mohamed Yakcop quoted. The second finance minister also said that completing the negotiations by the end of the year is a reasonable target.

Proton’s principal activities are the production, assembly, trade and provision of engineering and other services in respect of motor vehicles and related products. The business’ operations are carried out in Malaysia and other countries. Other activities include property development and management, leasing of equipment and asset, trade of steel and related products, motor vehicles financing, investment holding, importation and distribution of motor vehicles, related spare parts and accessories.

This entry was posted on Friday, August 24th, 2007 at 11:18 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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