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Regulators * China - Could block purchase of GM's Hummer unit by Sichuan truck maker
One report likening Tengzhong's plan to acquire Hummer to a "snake trying to swallow an elephant"Shanghai,China -AP, by ELAINE KURTENBACH -5 June 2009: -- General Motors Corp.'s planned sale of its Hummer brand to a little-known Chinese truck maker could be blocked by regulators who have not approved the deal and are questioning its wisdom... Sichuan Tengzhong Heavy Industrial Machinery Co. and GM have given no financial details about the planned purchase of the American maker of gas-guzzling, military-style SUVs... However, any such deal would require Chinese Commerce Ministry approval at the provincial level at least...
Reports in the Shanghai Securities News and other state-run newspapers Friday said Sichuan Tengzhong had not yet obtained such an approval. They also raised questions over whether the deal will be allowed to go through, with one report likening Tengzhong's plan to acquire Hummer to a "snake trying to swallow an elephant"... (1. above -Photo from stadium.weblogsinc: USA's Hummer ... Photo 2 below - AP Photo by Alexander F. Yuan - Customers walk between two Hummer vehicles in a parking lot of an auto market in Beijing Wednesday, June 3, 2009. China's Sichuan Tengzhong Heavy Industrial Machinery Co., said Tuesday it is buying the maker of luxury military-style SUVs from General Motors Corp)
Labels: automakers' crisis
posted by Unknown @ 4:11 PM
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