Posted 25 February 2010 - 12:55 PM
General Motors Co. is looking at two offers for its Hummer brand after a deal to sell the line of sport utility vehicles to a Chinese manufacturer collapsed this week, a person familiar with the situation said Thursday.
The latest suitors previously submitted bids for Hummer, which GM turned down in favor of a deal with China's Sichuan Tengzhong Heavy Industrial Machinery. But the auto maker is giving the bidders a fresh look after Tengzhong failed to win approval from Chinese regulators for its bid, the knowledgeable person said.
Posted 25 February 2010 - 01:00 PM
According to a report by the Wall Street Journal, General Motors is taking a second look at two previous offers for Hummer after the deal to sell the ailing sports utility brand finally succumbed to a slow death yesterday.
The WSJ doesn't divulge which companies are in the offing to purchase Hummer, only saying that GM had rejected offers from the two firms last year.
The original deal to offload the brand onto China's Sichuan Tengzhong Heavy Industrial Machinery for $150 million was apparently rejected by the Chinese government, although the reason for the rejection is still in question.
It's hard not draw comparisons to the Saab saga that played out over the course of the last year, with GM finally selling the brand to Spyker after prolonged negotiations. Then again, we could have a Pontiac or Saturn situation on our hands, with Hummer set to go the way of the Dodo if a deal isn't reached within the next few months.
Posted 25 February 2010 - 03:36 PM
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