10.15Tengzhong submits no application yet for Hummer

Tengzhong submits no application yet for Hummer

 

http://autonews.gasgoo.com/auto-news/1012547/Tengzhong-submits-no-applicatio
n-yet-for-Hummer.html

 

Shanghai, October 15 (Gasgoo.com) China's commerce ministry has not yet
received an application from heavy machinery maker Tengzhong for the
acquisition of the Hummer brand from General Motors, media reported today,
citing an official.

 

"The Ministry of Commerce has not received any formal application from
Tengzhong," the ministry's spokesman Yao Jian told reporters at a news
conference. "We know no details about Tengzhong's overseas purchase
agreement," he said in response to a question about the Hummer deal.

 

Sichuan Tengzhong Heavy Industrial Machinery last Friday signed a
"definitive agreement" with GM to buy the US auto giant's iconic SUV brand
Hummer, although the deal still faces a number of hurdles including required
regulatory approvals.

 

Earlier this week Tengzhong said that it was talking with regulators about
the Hummer business and that the deal could be closed in late 2009 or early
2010, but no specific timetable was given for submitting an application to
the Chinese government.

 

Yao said the commerce ministry had "no precise knowledge" on whether
Tengzhong planned to buy the Hummer brand and external design or take an
equity stake in the gas guzzler. The ministry also did not know the value of
the transaction, he added.

 

However, he said the government supported domestic companies investing
abroad to expand their market and take advantage of the financial crisis.

 

For more information please visit http://autonews.gasgoo.com/index.html