Tengzhong in talks with the Chinese government regarding Hummer deal
By Andrew C., 30 Aug, 2010. 0 Comments
Tengzhong, the Chinese company proposing to buy Hummer, is in talks with the Chinese government in its bid to have its deal with GM approved. The Tengzhong spokesman however, didn’t confirm how much progress has been made in the talks. Tengzhong has received much criticism from the Chinese media for its proposal to buy Hummer.
Critics say that the heavy machinery manufacturer doesn’t have the experience in international business for it to be successful. These critics are also questioning the timing of the move since currently, China is moving to cut its CO2 output. Under Chinese laws, a company that wants to buy an overseas firm for more than $100 million ((£62 million) has to get state approval.
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