GM and Tengzhong extend Hummer purchase deadline
By Andrew C., 27 Aug, 2010. 0 Comments
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The deadline for Sichuan Tengzhong Heavy Industrial Machinery Co. to purchase Hummer from General Motors Co. has been extended by a month, until the end of February. According to a contract signed in October 2009, the definitive agreement for the sale of Hummer to Tengzhong, a little-known machinery maker in southwestern China, expired on Jan. 31. In a statement, Tengzhong said that it was waiting for approval from Beijing to close the deal. Tengzhong said that it has started communicating with Chinese regulatory bodies after signing the deal in 2009. Tengzhong also stated that it will do its best to cooperate with the approval process. What's peculiar is that China's Ministry of Commerce, which is responsible for the approval of outbound investment by Chinese companies, has repeatedly said it has not received an application from Tengzhong for approval of the purchase. [via autonews]
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