Hummer/Tengzhong Deal to Close in Q3
A deal between Tengzhong, a Chinese automotive company, and Hummer/GM should close before the end of 2009, sources say. If so, we recommend branding all new vehicles the “Hong-Hummer” – solely for comedic purposes. When rumors of this deal began months ago, the Chinese gov’t gave a firm NO on any type of GM-Hummer-Hong deal. Well, it looks like the tables have turned…wait that’s not the correct expression. But now it looks like Tengzhong has authority to purchase Hummer outright.
The Chinese commerce ministry will be overseeing approval of the purchase – the deal is expected to close with a final price of $200 Million, less than half of what GM wanted. These days, guess you have to take what you can get.
(via: autoblog)
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