SHANGHAI, China — On a visit to China, General Motors CEO Fritz Henderson said the sales of GM's Adam Opel and Vauxhall units could very well be completed this week. The automaker announced the deal on September 10. He also said the just-announced sale of Hummer to China's Sichuan Tengzhong Heavy Industrial Machinery Co. is on track to go through China's government approval process smoothly.
Opel and Vauxhall are being sold to Canadian supplier Magna International in conjunction with Russia's OAO Sberbank. Automotive News said the deal is "likely" to be signed on Thursday, citing unnamed sources.
Henderson would not give a dollar figure to the Hummer sale. The Wall Street Journal, citing unnamed "people familiar with the matter," put it at $150 million. GM's bankruptcy filings stated a $500 million value for the big-SUV maker.
Speaking with media on Tuesday, Henderson also said GM will launch the redesigned Chevrolet Sail in the China market by mid-February and will hold an initial public offering in the second half of 2010, slightly later than GM had previously announced.
Inside Line says: GM fast-tracks its selloffs. — Laura Sky Brown, Correspondent
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