GM-Tengzhong Hummer deal nearing completion

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Earlier today it was revealed that Sichuan’s Tengzhong Heavy Industries and GM are close to closing a deal that will see Tengzhong take the troublesome Hummer brand off GM’s hands for a sum of between 130 million and 500 million dollars. It has also emerged that prior to any deal being signed both governments of China and the USA will need to give approval to the deal prior to it going ahead, however a deal is expected to be completed as early as the end of this week.

The Chinese Ministry of Commerce is reportedly demanding that Sichuan Tengzhong hand over more detailed information on its plans for the Hummer brand which includes the Hummer factory in the USA, and the US dealership network. The Ministry of Commerce has already received basic plans from Sichuan Tengzhong, but has not yet received any information on Tengzhongs plans for the Hummer IPR and how it plans to use this in China.

This means that the Hummer deal is likely to go through but under what circumstances we still dont know entirely know. GM and Tengzhong Executives are reportedly meeting this week in the USA to hammer out a deal that will give Hummer a more permenent home in the PRC.