GM CEO Satisfied with HUMMER Terms of Sale

General Motors CEO Fritz Henderson says that he’s “satisfied” with the definitive agreement they made with Sichuan Tengzhong to unload the HUMMER brand. China Daily asked Henderson what if he was pleased with the terms of the deal which had been rumored to be around $150 Million. This was his response:

“We have not made specific terms public. I have read the same article as you did regarding the $150 million, but am not in a position to confirm it.

We are satisfied with the terms and conditions of the deal, so the answer is yes. We went through a competitive auction process, several parties were interested and Tengzhong came forward.

They are very serious. They put a significant amount of time, effort and attention into this deal. We negotiated – and yes, we are satisfied.

In terms of the approval process, we’ve had dialog with Tengzhong. It’s pretty much their responsibility as the buyer, but I think they are confident and hopeful. We will support them in whatever they need to obtain approval for this.

Beyond that I really couldn’t comment. It’s obvious that they feel strongly that the project should receive approval.

Tengzhong and GM hope to complete the regulatory process and finalize the transaction by early 2010.

Source: China Daily

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  1. So if the deal goes to early 2010, they won’t be producing vehicles until then?

  2. They are set to resume production of H3 and H3T now that they have definitive agreements. The final approval is expected at this point to be just a formality.

  3. Does that mean they will also resume development of new models now or after 2010?

  4. Model development will probably resume in a few months (that’s an educated guess, not necessarily fact)