China’s Geely and France’s PSA are in the race to buy Proton, the struggling Malaysian carmaker that owns Lotus, with the two groups set to submit rival offers in the coming days.
Geely, which owns Volvo, will table a bid for part or all of Proton this week, according to two people familiar with the timing, while Peugeot owner PSA is also preparing to make an offer.
Proton is owned by DRB-Hicom, the Kuala Lumpur-listed conglomerate, and has been seeking a foreign strategic partner to help expand its range of products and the quality of its cars.
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