Geely to buy controlling stake in Proton…
While plenty of car makers seem interested in buying Proton, Chinese car maker, Geely, is allegedly confirmed as the front runner, reports Reuters.
REUTERS AND other outlets are reporting that Chinese car maker, Geely, the parent of which also owns Volvo, will acquire 49% and thus control of Proton. The Malaysia-based car maker also owns Lotus.
According to Reuters, several other car makers were interested in buying the struggling brand, including PSA, Renault and Suzuki. But it appears that Geely has emerged as the front runner, and the owner of Proton, DRB-Hicom has notified the Malaysian stock exchange that it will suspend trading on Wednesday (today) with an announcement cited as the reason.