March 7, 2017 4:00 am JST

China's Geely hints at withdrawal from Malaysian automaker bid

Deal 'may not be reached,' says chairman of parent company

YUSHO CHO, Nikkei staff writer

BEIJING -- China's Geely Automobile Holdings may step back from negotiations for a partnership and investment in Malaysian carmaker Proton Holdings.

"Although we have contemplated and studied the deal, the anticipated outcome may not be reached," Chairman Li Shufu of Geely's parent company, Zhejiang Geely Holding Group, told the Nikkei on Monday. Li is in Beijing for the Chinese People's Political Consultative Conference, in which he serves as a committee member.

France's PSA Group is continuing talks to acquire Proton. The company is reported to have presented plans to bolster its business in Southeast Asia, seeing Malaysia as an export hub to sell its low-priced cars. 

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