Geely will also pay Proton 51 million pounds ($65 million) for a 51 percent stake in British sports-car maker Lotus, he said. "With Zhejiang Geely Holding Group on board, Proton can now eye the huge Southeast Asian passenger car market with renewed confidence," he said at the signing ceremony of the deal, which was attended by Malaysian Prime Minister Najib Razak and Zhejiang Geely Holding Group chairman Li Shufu. Najib hailed the merger, saying it will end "handouts from the government" for troubled Proton. Proton was formed in 1983 as part of an ambitious national industrialisation plan, but has suffered from a reputation for unimaginative models.
Geely will also pay Proton 51 million pounds ($65 million) for a 51 percent stake in British sports-car maker Lotus, he said. "With Zhejiang Geely Holding Group on board, Proton can now eye the huge Southeast Asian passenger car market with renewed confidence," he said at the signing ceremony of the deal, which was attended by Malaysian Prime Minister Najib Razak and Zhejiang Geely Holding Group chairman Li Shufu. Najib hailed the merger, saying it will end "handouts from the government" for troubled Proton. Proton was formed in 1983 as part of an ambitious national industrialisation plan, but has suffered from a reputation for unimaginative models.