China’s Geely to buy Malaysia’s Proton

Geely,

the owner of Sweden’s Volvo Car Group, yesterday said it would buy 49.9 per cent of struggling Malaysian carmaker Proton from conglomerate DRBHICOM Bhd, marking the Chinese automaker’s first push into Southeast Asia.

Zhejiang Geely Holding Group Co Ltd, parent of Hong Kong-based Geely Automobile Holdings Ltd, will also acquire 51 per cent of Proton’s stake in British car maker Lotus, the companies said, without disclosing the value of the deals. (Reuters)