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Report: Hummer deal to be reached in Sept

(chinadaily.com.cn)
Updated: 2009-08-18 14:56

China's Sichuan Tengzhong Heavy Industrial Machinery Corp is to wrap up the purchase of Hummer at the end of September, the Beijing Youth Daily reported yesterday.

Related readings:  Plan to buy Hummer still being vetted  Questions over Hummer's tune  Hummer acquisition: Off-road or way off track?

The newspaper quoted unnamed sources as saying the deal signed in June was only a framework and the two sides had been negotiating on detailed terms. The newspaper also said it is preparing application materials to the National Development and Reform Commission and the Ministry of Commerce.

Tengzhong and GM said the latter would sell its Hummer vehicle assets to Tengzhong, without elaborating on financial terms.

The construction machine maker said there will be no change on Hummer's original management, and the production base will remain in the US after the acquisition. Earlier, it was reported that Tengzhong might make Hummer in China.