Report: GM’s talks with potential buyers of its Hummer brand have stalled
By Andrew C., 27 Aug, 2010. 0 Comments
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Talks have stalled between General Motors Co. and potential buyers of its Hummer SUV brand, according to a report from Dow Jones Newswires. Last month, GM said that Hummer would be winded down after a planned sale didn't go through. After that announcement, talks were reopened after potential buyers conducted due diligence. In its report, Dow Jones cited Tim Lee, head of GM's international operations.
Lee said that since that time, talks have failed to progress. Hummer spokesman Nick Richards declined to comment. GM had been close to entering a deal to sell Hummer to China's Sichuan Tengzhong Heavy Industrial Machinery Co. last month but this didn't prosper after the Chinese government didn't give approval. This piqued the interest of potential buyers and Hummer CEO Jim Taylor set a target date of May 1 for a new deal. GM's four unwanted brands are quickly fizzling out. GM has been phasing out Saturn since its sale fell through in September. Pontiac also is being discontinued and GM last month completed the sale of Saab to Dutch niche carmaker Spyker Cars NV. [via autonews]
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