On a report that Volkswagen AG may have agreed to share technology with Proton Holdings Bhd., and to acquire a stake in its manufacturing unit, shares of the unprofitable Malaysian automaker rose.
After the Edge magazine said that Volkswagen may pay several hundred million ringgit and supply vehicle platforms as part of an agreement, the stocks of Proton jumped as high as 5.2 percent. The report also said that the biggest carmaker in Europe, Volkswagen, will own 51 percent of a new company that will own Protons manufacturing division.
Analyst Mohd Hanafi said that the agreement seems to be just waiting for a formal decision. The analyst at Alliance Research Sdn. in Kuala Lumpur, with a ``buy rating on Proton stock, added that any kind of new positive development would surely have an impact on the share price.
Based on the estimates of Hwang-DBS Vickers Research Sdn., the control of Protons car making division may cost 900 million ringgit ($263 million). The state-owned automaker needs an ally to help roll out new models and turn out increasing sales.
Automaker maps road to success [ Source: Shanghai Daily 2006/07/03 ::
In comparison, Proton's share deteriorated to 25 % for the January-May Merger talks with Germany's Volkswagen AG collapsed earlier this year after the
http://www1.autoinfo.gov.cn/Jsp/news/eng/show.jsp?wenjian=xw&id=93373HOME |
Asia's 'Richard Branson' exposes tiger's blemishes THOSE WONDERING ::
Politicians continue to dither over another national champion: state-controlled carmaker Proton Holdings Bhd. While talks on an alliance with Volkswagen AG
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Khazanah Nasional Bhd. spokesman Mohd Asuki Abas refused to comment on the report. Khazanah, a Malaysian government investment unit, holds 43 percent of Proton. Proton Spokeswoman Faridah Idris said that she was not able to comment immediately.
Proton shares jumped as high as 30 sen to 6.10 ringgit. The stock has dropped 11 percent this year as compared with a 26 percent increase by the Kuala Lumpur Composite Index.
Volkswagen’s Long Road to Recovery Pt. 2 | The Truth About Cars::
VW’s high-mileage diesels will soon share DaimlerChrysler’s BLUETEC filtering China continues apace and Malaysia’s Proton is set to join the family.
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FT.com - Proton's problems::
Jan 15, 2007 Like GM, Proton has lost market share to Japanese and Korean rivals. CallStreet Report - Raw Transcript of Volkswagen AG (VOW.
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The Magazine said that according to the agreement, Proton will control domestic vehicle distribution and Volkswagen will monitor international sales.
Azman Mokhtar, the Managing Director of Khazanah, said in June 26 that he plans to look for a partner for Proton before the end of this year.
The Edge also states that collaboration between Proton and U.S. carmaker General Motors Corp. is unlikely to happen because Proton sells vehicles in Iran. According to the magazine, GM particularized that Proton must pull out of Iran, a condition that will be met.
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Volkswagen Ag May Share Technology With Proton