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GM talks stall with potential Hummer buyers, report says

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GM talks stall with potential Hummer buyers, report says

Chrissie Thompson

Automotive News -- March 18, 2010 - 4:11 pm ET

DETROIT -- General Motors Co.’s talks with potential buyers of its Hummer SUV brand have stalled, Dow Jones Newswires reported today.

GM said last month it would wind down Hummer after a planned sale fell through, but several potential buyers then conducted due diligence, Dow Jones said, citing Tim Lee, head of GM’s international operations. Talks haven’t progressed since then, Lee told the wire service.

Hummer spokesman Nick Richards declined to comment. A spokesman for GM’s international operations couldn’t immediately be reached for comment.

GM had a deal to sell Hummer to China’s Sichuan Tengzhong Heavy Industrial Machinery Co., but that collapsed last month after the sale failed to win Chinese approval. When potential buyers expressed interest in the brand, Hummer CEO Jim Taylor set a target date of May 1for a new deal.

Meanwhile, GM has said it is winding down Hummer, likely sealing the fate of the last of GM’s four unwanted U.S. brands. GM has been phasing out Saturn since its sale fell through in September. Pontiac also is being discontinued. GM last month completed the sale of Saab to Dutch niche carmaker Spyker Cars NV.

The Saab sale arose out of a situation similar to Hummer’s: Swedish sports carmaker Koenigsegg Group AB in November backed out of a deal to buy Saab. Spyker then pursued the purchase, even though GM said it was winding down Saab.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100318/OEM/100319889/1131#ixzz0iZ1ihiUI

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