043 GMT [Dow Jones] Proton (5304.KU) may edge up in speculative trade on daily The Star report Malaysian tycoon Syed Mokthar Al-Bukhary may be interested in buying state investment arm Khazanah's 43% stake in the auto maker. Separately, Business Times reports Proton MD Syed Zainal Abidin dismissed talks he is considering a management buyout of Proton. "The thought never crossed my mind," he says in text message response to Business Times query. "All the old tales of takeover plans and MBOs are resurfacing following confirmation late last week that the auto company had resumed talks with Volkswagen (VOW.XE) for a strategic tie-up. Valuation upgrades by analysts in recent days have also fueled interest in the stock, but it is looking overbought after rising 25% over the last month," says dealer. Expects stock to trade within MYR3.63 to MYR3.78 sideways channel in immediate term vs Monday close at MYR3.71 (down 1.1%).
Dow Jones Newswires
September 14, 2009 20:43 ET (00:43 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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