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Proton Holdings has ended negotiations with Volkswagen (VW) and General Motors for a possible alliance as the fortunes of Proton in terms of sales and exports are improving, Khazanah said in a statement. Second Finance Minister Tan Sri Nor Mohamed Yakcop said that Proton has been allowed to operate on its own without a foreign strategic partner for the time being.
Nor Mohamed said VW was naturally disappointed but respected the decision. He said VW did not walk away from the negotiations nor was there any breakdown in the talks.
Explaining the rationale to allow Proton to stand on its own, Nor Mohamed said the turnaround seen at Proton in recent months was real. As such, the earlier assumptions that Proton has to have a foreign partner to stay afloat are no longer applicable.
Given the changed scenario and transformation at Proton, the timing for a foreign partner is therefore not right at present. He, however, said the government will not dismiss the possibility of Proton having strategic alliances with foreign partners in the future when the time is more appropriate and this will also be premised on the fact that Proton will be negotiating from a stronger position. (Bernama)
