Due to Volkswagen AG’s “other priorities,” it ended negotiations to partner with Proton Holdings, Malaysia’s state-controlled automaker. Instead, Proton will collaborate with Mitsubishi Motors Corp. on a product.
Proton released this statement last Sunday. After this news came out, Proton’s shares plunged by 5.7%, the biggest drop in more than 13 months in Kuala Lumpur trading. On April 27, 2009, Proton shares fell by 8.5%.
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