Kuala Lumpur — Chinese billionaire Li Shufu’s Geely agreed to acquire a 49.9% stake in unprofitable car maker Proton from Malaysian conglomerate DRB-Hicom. Geely will also buy a 51% stake in British sports-car maker Lotus Cars from Proton and the two parties expect to sign a final agreement before the end of July, the Chinese company said Wednesday. DRB-Hicom is still negotiating about the transaction price for a stake in Proton, after reaching agreement on a ballpark figure, group MD Syed Faisal Albar said at a media conference in Putrajaya. The Chinese vehicle maker, which bought Sweden’s Volvo Cars in 2010, said the pact laid the foundation for it to explore synergies with Proton and Lotus in areas such as research and development, manufacturing and marketing. Geely will seek to transform the two car makers, and aims to build Proton into the most competitive brand in Malaysia and a leading nameplate in Southeast Asia. "With Proton and Lotus joining the Geely Group portfolio of br...
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