Tengzhong to clear Hummer sale

Article by Christian A., on August 29, 2010

Concerns regarding the environment restrain Tengzhong's plan to purchase Hummer. This was based on a recent report by the Chinese National Radio.

Tengzhong, while still working on the deal, released a statement that CNR (Chinese National Radio) report has no basis in as much as there wasn't any information from the government regulatory body.

Last week, in its report, CNR floated the idea that it is still possible for Tengzhong to get government approval. Speculations are rife that the company will get the nod to acquire Hummer given the fact that three options are being proposed to conclude the deal.

This is during the negotiations and consultations with the National Development and Reform Commission (NDRC) and the Ministry of Commerce.

Hummer can be set up in the Sichuan province if Tengzhong can convince the authorities with its expertise and business plan.

In case of resistance to Hummer being set up, a second option was given it can be situated and based in one of the country's harbor points where taxes and fees need to be settled first before vehicles are considered officially in the country.

However, this can cramp the company's ability to market Hummers in China. The third option is for Hummer to take in Tengzhong as foreign investor. Hummer chooses to be mum on the subject. It is still debated whether these are merely CNR's speculations and guesswork or Tengzhong's official stand on the deal.

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