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Malaysian leader to meet VW officials over Proton
AFP, KUALA LUMPUR
Monday, Apr 02, 2007, Page 11
Malaysian Prime Minister Abdullah Ahmad Badawi is expected to meet with top officials from German giant Volkswagen over the future of ailing national automaker Proton, a senior official said yesterday.
"A high level meeting is expected soon. It is being arranged," the official who is familiar with the on-going talks on a possible tie-up said.
The official, speaking on condition of anonymity, said the meeting would take place in Malaysia but declined to elaborate further.
"There is genuinely good faith between the parties," he added.
Abdullah has said Malaysia may allow Volkswagen to gain a controlling stake in Proton, a move that would help turn around the fortunes of the company.
The planned meeting comes as Malaysia missed a Saturday deadline to name a strategic partner for Proton, whose controlling shareholder is state investment arm Khazanah Nasional which holds a 42.7 percent stake.
Analysts say a foreign partner is crucial to Proton's survival as it battles sliding sales due to growing competition from local and imported autos.
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