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Several parties want to buy GM's Hummer brand


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Several parties want to buy GM's Hummer brand

BLOOMBERG NEWS

General Motors is considering expressions of interest from several potential buyers for its Hummer brand after the planned sale to a Chinese company collapsed, five people briefed on the discussions said.

GM may still wind down Hummer because most of those interested have done little or no due diligence on the unit, said the people, who asked not to be identified because the talks aren't public. The Detroit-based automaker expects some of the parties to drop out soon, the people said.

"It's a brand that could be something viable," Jim Hall, principal of consulting firm 2953 Analytics in Birmingham, said Thursday. "But the buyer has to have the constitution to see it through."

GM said Wednesday that it would begin shuttering Hummer because Sichuan Tengzhong Heavy Industrial Machinery wasn't able to complete a purchase of the SUV unit. GM is shedding Hummer, Saab, Saturn and Pontiac to focus on the Chevrolet, Cadillac, Buick and GMC U.S. brands after exiting bankruptcy in July.

GM won't comment on speculation about possible buyers, said Nick Richards, a Hummer spokesman.

None of the interested parties has shown it has cash in hand, said one of the people, a GM executive. GM insisted on seeing some money up front when it was negotiating to sell the Saab brand to Spyker Cars, the executive said.

link:

http://www.freep.com/article/20100226/BUSINESS01/2260330/1210/Business01/Several-parties-want-to-buy-GMs-Hummer-brand

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