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No Deal Between Volkswagen and Malaysia’s Proton

In a surprising development, Volkswagen and the Malaysian government have ended the talks regarding the alliance deal with struggling and oftentimes financially besieged Proton Holdings. As it goes, it was the government that put an end to the proposed partnership.

In a statement released this Tuesday, Khazanah Nasional Berhad, Proton’s largest shareholder relative to a 43 percent control, points to the automotive company’s improving domestic sales and exports as the leading cause of the shelved talks: “Khazanah as the largest shareholder of Proton Holdings Berhad would like to announce that it has discontinued negotiations with Volkswagen AG and General Motors Corporation with regard to a possible alliance with Proton.”

“The government is of the view that Proton’s management should be allowed to continue with its plans to further strengthen the company. The issue of strategic alliance, if necessary, can be considered at a later date.”

Included in the statement is the government and Khazanah’s utmost appreciation to both Volkswagen and General Motors for their dedication and professionalism during negotiation process.

Meanwhile, another to second this announcement is Second Finance Minister Tan Sri Nor Mohamed Yakcop, declaring that the timing for Proton to team up with a foreign ally is just “not right.” With this, he supplied: “The earlier assumption that Proton has to have a foreign partner to stay afloat is no longer applicable. In making the decision, the government also had to value the strategic partnership as well as Proton’s turnaround plans.”

On the other hand, in a separate statement, Volkswagen has also promptly confirmed that it has stopped the talks with Proton: “The Volkswagen group and the Malaysian government have decided not to further pursue for now joint discussions about a cooperation or an equity stake in the Malaysian carmaker Proton Holdings Bhd.”

Nevertheless, while said negotiation was deemed unsuccessful, Volkswagen remains hopeful of other possible opportunities in the Southeast Asian category. Indeed, it has further disclosed in it press release that it would still continue to look for other potentials in the region.

This entry was posted on Wednesday, November 21st, 2007 at 3:22 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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