Well, the wheels on this one are set to keep on turning. The talk is of course about the three-way bid that’s reputably shaping up for a controlling stake in Proton, with the players being DRB-Hicom, Proton chairman Datuk Mohd Nadzmi Mohd Salleh and parties linked to the Naza Group. Each party has apparently submitted a bid to Khazanah Holdings, which has a 42.7% stake in Proton, to seek control of the national carmaker.
Each will undoubtedly have its own game plan, and supposedly, DRB-Hicom’s is thought to include the presence of Volkswagen at some point in the future. The Star reports that a reliable source says that if DRB is successful, it will at a later stage introduce some of its equity to VW, with the view that both parties are to share control and management in Proton.
The report adds that this line of thought could make the bid more desirable, given that the carmaker wouldn’t be under the direct control of a foreign party, which was likely one of the reasons why the negotiations with Volkswagen four years ago never went to ink. VW is keeping mum on the whole affair, it seems, and so is DRB-Hicom, for now.
Not that it’s all done and dusted, of course. Another source with intimate knowledge of proceedings said Khazanah had yet to make a decision on things, and that a round of meetings are set to take place this week between key stakeholders regarding the matter – there’s every possibility that the sale of the stake in Proton might be called off temporarily, at that.
And so it continues to roll.