Malaysia’s national car company Proton Holdings Bhd says it has concluded feasibility studies on a proposed partnership with PSA Peugeot Citroen of France, and the two auto makers now are in the process of evaluating the findings.

Proton says in a statement studies include cooperation in the areas of optimizing Proton’s production capacity, focusing on contract assembly; product collaboration; supply of engine and components; sales and distribution; and contract assembly products.

PSA, Volkswagen AG and General Motors Corp. all are said to be in separate talks with the Malaysian government about acquiring a strategic stake in Proton.

Chairman and CEO Rick Wagoner yesterday confirmed GM and Proton were in early talks.

“There have been conversations, not extensive,” Wagoner tells reporters at the Automotive News World Congress in Dearborn, MI. “We can’t throw away money, but for sure we have a lot of people scheming how we can grow in those growth markets.”

GM Chief Financial Officer Fritz Henderson is quoted in a Bloomberg report as also confirming the Proton talks.

“We are interested, but there are many other players interested,” Henderson tells reporters at the congress. He provides no further details, saying it is too early in the process to do so.

– with Scott Anderson in Detroit