DETROIT — The sale of GM's Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. has been pushed back until the end of February, GM confirmed on Monday for Inside Line. The original definitive agreement for the sale of Hummer ran out on Sunday, January 31.
"I believe that extending the agreement another month is a positive outcome, indicating that both companies have enough optimism in the conclusion of the sale to continue the process," wrote Nick Richards, Hummer communications director, in response to the question: "Does this put the sale in any jeopardy?"
Richards said the extension was "mutually agreed upon."
"While the transaction approval process is not proceeding as quickly as originally forecasted, both companies are pleased with the progress that has occurred to date and are extending the deadline for sale closing to the end of February," Richards said.
Reuters, however, hinted that there may be some glitches. It said that China's Ministry of Commerce, which is responsible for the approval of outbound investment by Chinese companies, has repeatedly said it has not received an application from Tengzhong for approval of the purchase.
Inside Line says: Here's hoping that this is not the start of a Saab-style roller-coaster ride for Hummer. — Anita Lienert, Correspondent
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atenza94546 says:
04:51 PM, 02/01/2010
Maybe the Hummer H1 was not included in the transaction. But then who will have the naming rights.
Sichuan Tengzhong Heavy Industrial Machinery ???
or
AM Gernal ???
If Sichuan has it so what do we call Humvee??? Freedom Moblie ??? That's not half bad.
charlesb says:
11:58 AM, 02/01/2010
Hummer is company without a mission. And, frankly, I'm glad.