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| Economy |
| Chinese company said to be buyer of Hummer |
| 2009-06-02 |
| GUANGZHOU, China -- General Motors has reached a preliminary agreement for the sale of its Hummer brand of large sport utility vehicles and pickup trucks to a machinery company in western China with ambitions to become a carmaker, a person familiar with the Chinese government approval process said Tuesday. The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in Chengdu, concluded the agreement with G.M., said the person, who insisted on anonymity. Sichuan Tengzhong is a privately owned company, but Tuesday's deal required preliminary vetting by Beijing officials, who retain the right to veto any effort at an overseas acquisition by a Chinese company and who give special attention to deals over $100 million. G.M. announced the deal early Tuesday morning in Detroit but said that the memorandum of understanding would not allow it to reveal the buyer or the price. Industry analysts have estimated that the Hummer division would sell for less than $500 million. G.M., in a blog posting, said it had seen the report regarding a Hummer buyer but could not comment on speculation. |
| Posted by:tu3031 |
| #5 ION BHARAT RAKSHAK > CHINA ASKS PAKISTAN TO UPROOT MILITANTS { ee "East Turkestan Islamic Movement = UIGHUR SEPARATISTS], plus to up PK-led security for 000's of PRC workers in-country, espec those working in SWAT VALLEY = NWFP. |
| Posted by: JosephMendiola 2009-06-02 22:51 |
| #4 FORBES > seems CHINA is waging VARIOUS, SIMUL CHIN-LED "CAMPAIGNS OF ECONOMIC LIBERATION" agz SEVERAL TAIWAN PRODUCT = PRODUCTIVITY SECTORS, to help Taiwan get out of its economic travails. GUAMPDN FORUM = may explain why CHIN may indir get its hands on many iff not all of the advanc US mil wares supplied to TAIWAN??? |
| Posted by: JosephMendiola 2009-06-02 22:48 |
| #3 There's also no Sierra Club to keep them from drilling offshore. |
| Posted by: Thing From Snowy Mountain 2009-06-02 16:40 |
| #2 AH9418 - there is no United Auto Workers Union in China. That accounts for a LOT. |
| Posted by: Old Patriot 2009-06-02 16:27 |
| #1 On the other hand, GM’s operations in China are profitable and can finance future growth themselves, “likely” including a new factory, Reilly said in April. The automaker, which sold its first car in China in the 1920s, had said that it expects to double annual Chinese vehicle sales to more than 2 million over the next five years. “Shanghai GM is certainly capable of developing itself independently,” Zeng of IHS Global Insight said. “It’s a company that has a very good financial position.” It would be ironic if GM in China comes to outshine GM elsewhere. |
| Posted by: Anguper Hupomosing9418 2009-06-02 15:46 |