GM, Tengzhong extend Hummer sale deadline until end of February

[sleeve]

Report: GM, Tengzhong extend Hummer sale deadline until end of February
by Chris Paukert (RSS feed) on Feb 1st 2010 at 9:59AM



As readily illustrated by the dramatic and protracted sale of Saab to Spyker ? a process that itself is not yet concluded ? it's clear that extracting brands from General Motors is a time-intensive process. No surprise, then, that GM and Chinese manufacturer Sichuan Tengzhong Heavy Industrial Machinery have reportedly decided to extend the deadline on a Hummer sale until month's end.

The two companies have been working to sew everything up on the SUV brand deal since it was first announced last October, but the original deadline expired yesterday without a resolution. According to the AFP, the holdup actually stems from the fact that the sale needs to get approval from Chinese regulators, an issue that has been noted before. As you may recall, China's commerce ministry previously went on record as saying that they hadn't received an application for approval from Tengzhong, and it is just one of the Chinese government agencies that need to sign off on the deal.

In a related news, Reuters notes that Suo Lang Duo Ji, a Chinese entrepreneur considered to be the mastermind behind the tie-up, hopes that the Hummer deal can be completed by this spring, an admission that could suggest that further extensions could be in the card

[Viet Nam Vette]

That's good news....