GM, Sich terminal block factory uan Tengzhong continue talks on Hummer deal
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GM, Sichuan Tengzhong continue talks on Hummer dealPublished: 08 Oct 2009 00:50:51 PST

Top 5 News From ChinaKnowledge.comPrimus Financial Holdings wins bid for AIG's Taiwan businessZTE says no interest in buying Nortel assetsNew World Department Store accelerates mainland expansionYum Brands profit in China up 32% in Q3China bolsters global luxury car market in Sep Oct. 8, 2009 (China Knowledge) - General Motors Corp is continuing its talks with Sichuan Tenzhong Heavy Industrial Machinery Co Ltd, and now hopes to complete the sale by the end of the year, said Walter Borst, the treasurer of GM, Bloomberg reported yesterday.

Although their goal was to finalize the deal in the third quarter of this year, representatives of the two companies were unable to finalize the deal at a meeting in Detroit before the end of September.

The sale, originally announced in June after GM emerged from a period of bankruptcy protection, was delayed by a request from China's Ministry of Commerce for more information and concerns that embracing the Hummer would not be in line with China's energy policies.

However, the MOC and China's National Development and Reform Commission are now backing the deal, a source told the South China Morning Post on Saturday.



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