The New York Times is reporting that a government official from China has confirmed that Sichuan Tengxhong Heavy Industrial Machinery Company is the last investor standing in the HUMMER brand sale, and is the company that GM has reached a preliminary agreement with.
Sichuan is a private company, but the Chinese government was involved since it has the final right to veto an overseas purchase of that magnitude. Gotta love communism.
We reported that Sichuan was a potential bidder back in February, but this report indicates they could be the new owners of HUMMER very shortly.
GM would not comment on speculation, and said they could not comment citing the MoU.
Source: New York Times
Related posts:
- Financing, Regulatory Obstacles Surface in HUMMER Deal
- HUMMER Deal Ongoing Despite Chinese Radio Rumors
- Official Announcement on HUMMER Buyer Expected Soon
- China’s Sichuan Auto denies interest in GM’s HUMMER
- China’s Sichuan Auto Bidding on HUMMER Brand
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Tue, Jun 2, 2009
Hummer News