17/02/2012
- Just the Facts:
- Executives from both Group Lotus and Malaysian parent Proton continue to deny that the storied British sports-car firm is about to be sold.
- Genii Capital, the company that owns the Lotus Formula One team, is due to complete its due diligence of Group Lotus "by late March."
- Lotus has reportedly been under threat of a sale since Malaysian conglomerate DRB-Hicom bought the company in January as part of Malaysia's Proton Holdings, which has owned it for 13 years.
LONDON — Executives from both Group Lotus and Malaysian parent Proton continue to deny that the storied British sports-car firm is about to be sold — even as Genii Capital, the company that owns the Lotus Formula One team, is due to complete its due diligence of Group Lotus "by late March," said a spokesman.
The Genii spokesman gave no indication of how likely the Luxembourg-based investment firm is to buy the car company. The due diligence process, which precedes a possible purchase, "has been going on for many months," added the spokesman.
Lotus has reportedly been under threat of a sale since Malaysian conglomerate DRB-Hicom bought the company in January as part of Malaysia's Proton Holdings, which has owned it for 13 years.
However, executives from both Proton and Lotus have denied that the storied company is about to be sold. According to Britain's Financial Times, bosses from both companies claim that there are no plans to sell it. Proton boss Dato' Sri Sayed wants to see out the five-year rejuvenation plan instigated by Lotus CEO Dany Bahar, although he admits that he cannot speak for Proton's new owner DRB-Hicom.
According to Britain's Autocar, Lotus meantime will cease to have access to the investment funds agreed to by Proton while it undergoes the 60-day mandatory change-of-ownership process that applies under Malaysian law.
Lotus boss Bahar says that cash will have to be carefully managed during the 60-day transition, but he has been told to continue with the execution of his five-year plan, now two years old, to turn around the loss-making sports car maker and engineering company. That plan calls for a huge increase in output, from the 2,000 cars in 2011 to more than 7,000 by 2014, through the introduction of a much wider range of models.
Bahar draws some comfort from the fact that there are nearly 400 orders for the latest Exige and 200 for the upcoming Evora GTE. The company is also about to begin testing prototypes of the new Esprit supercar.
Inside Line says: Lotus' future will not become clear until a deal is done, or DRB-Hicom states unequivocally that it will maintain ownership of the company. And while the waiting continues, Bahar's investment program will continue to look uncertain.
Bron : insidelane