China’s planning agency is likely to reject a Chinese company’s bid to acquire General Motors Corp.’s Hummer unit, in part because its gas-guzzling vehicles conflict with Beijing’s conservation goals, state radio reported.
The National Development and Reform Commission is also likely to say Sichuan Tengzhong Heavy Industrial Machinery Corp., a maker of construction machinery, lacks expertise to run Hummer, China National Radio said late Thursday. It cited no source.
Tengzhong said it has yet to reach a definitive agreement with GM, which the company said previously was required to make a formal request for government approval of the deal.
“Some people may have views and speculation but the Chinese government has a process that we respect,” said a company statement. “We do not yet have a definitive agreement, but are developing our proposals with GM and Hummer and we will continue to engage with the appropriate authorities in an appropriate manner.”
Employees who answered the phone at the NDRC referred questions to its foreign affairs office, where calls were not answered.
Posts Tagged “HUMMER”
Jun 26 2009
General Motors Corp., announced it has entered into a memorandum of understanding (MoU) with a buyer for HUMMER, its premium off-road brand. This transaction is the result of GM’s strategic review of the HUMMER brand and the company’s ongoing restructuring efforts.
The sale is expected to close by the end of third quarter of this year and is subject to customary closing conditions, including receipt of applicable regulatory approvals.
Oct 23 2008
Oct 16 2008
Artist Matthew Harrison today unveils his latest project entitled ‘Hummer’ at the fifth Zoo Art Fair (17-20 October) – a HUMMER H3 complete with wooden wagon wheels, the iconic installation will be parked on Old Burlington Road, opposite the Royal Academy of Arts for the duration of the fair.
Harrison is exhibiting on behalf of East London gallery, Limoncello, one of 57 under six year old galleries, project spaces, artists’ collectives, curatorial groups and publications showcasing works from some of the most exciting art talent in the world. Read the rest of this entry »