Saturday, January 14, 2006

VW Says No

I am sure all of you have heard the shocking news that Volkswagen AG has abandoned plans plans to form an alliance with Proton Holding Bhd. Quite contrary to what we had been led to believe (Read this post).

Volkswagen group CEO Bernd Pischetsrieder was quoted as telling analysts at the North American International Auto Show in Detroit on 11 January that the company had "specific ideas" about its relationship with Proton, "Unfortunately the Malaysian government, Khazanah and Proton had different ideas. Therefore what we wanted in the cooperation with Proton will not materialise".

However, he added that VW will consider "a few isolated projects ... to support Proton."

Following that news, Proton's share price went on a downtrend, falling almost 20%. As of today (2 pm) Proton was still the top loser on the KLSE with price falling 70 sen to RM5.65.

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