(March 3): Billionaire Li Shufu said he’s planning to pull Zhejiang Geely Holding Group Co out of a bid for Proton Holdings Bhd, saying the Malaysian carmaker keeps changing its plans. PSA CEO Carlos Tavares said last week that a decision on the Proton bid is expected in spring. The company purchased Proton from Malaysian state investment company Khazanah Nasional Bhd. In April last year, Malaysia’s Trade Minister Mustapa Mohamed said Proton “needs to graduate” from government protection. The company also highlighted the lightweight platform technology owned by Lotus Cars as a benefit for a foreign partner.

Source: The Edge Markets March 03, 2017 12:56 UTC