11.6 Ministry orders Tengzhong's 2nd application

Ministry orders Tengzhong's 2nd application

http://autonews.gasgoo.com/auto-news/1012839/Ministry-orders-Tengzhong-s-2nd
-application.html

 

Shanghai, November 6 (Gasgoo.com) China¡¯s commerce ministry has turned down
Tengzhong¡¯s initial application for the acquisition of Hummer from General
Motors and ordered a detailed new one. The renewed application is meant to
state the exact assets Tengzhong plans to get from Hummer, reported Shanghai
Securities News  today.

 

This report is in response to the previous rumor. It is said that GM Motor
and China¡¯s heavy machinery maker Tengzhong plans to announce the
definitive assignment, which has already received the approval from the
commerce ministry and related departments.

 

Reportedly, to avoid possible barriers, Tengzhong claimed that the
acquirement would involve the Hummer brand only, excluding the intellectual
property and facilities issues. Domestic manufacturing has not been
mentioned either. 

 

However, the commerce ministry thinks the brand includes the product and
technologies. There¡¯s no means to buy the brand only. The second
application is ordered to give the intellectual property and technological
details of the deal.

 

 

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