Business Times is reporting that GM is planning to make a bid for Malaysian auto company Proton Holdings. Proton Holdings, which acquired Lotus in 1996, has been in trouble for a while and is need of partnership with a global car maker. GM is ready to cash out as much as $2.85 for each Proton share, while the Malaysian Government, which owns Porton, says it is willing to sell equity for Proton and is talking to several car makers including Volkswagen and Peugeot Citroen. A source says that GM hopes to use Malaysia to develop car parts at a low cost. Proton is currently valued at around $1.6 billion.