Tengzhong expected to close Hummer deal shortly

Tengzhong expected to close Hummer deal shortly

Tengzhong expected to close Hummer deal

Chinese suitor Tengzhong is slowly getting closer to sealing the deal to buy troubled truck maker Hummer from General Motors. Chinese reports have come almost completely around, from being staunchly dismissive a few months ago to a near certainty that the Chinese government has little to lose in green lighting the acquisition.

Chinese government officials haven’t made a statement, but the Chinese commerce ministry, one of the two bodies overseeing approval of the purchase, is now saying that it’s only natural for Tengzhong to want Hummer. And with Tengzhong issuing pronouncements about maintaining Hummer’s dealer network, it looks like the company is confident it will achieve its end.

Final price for Hummer is expected to be less than half of what GM wanted, coming in at around $200 million USD.

Tengzhong expected to close Hummer deal

Chinese suitor Tengzhong is slowly getting closer to sealing the deal to buy troubled truck maker Hummer from General Motors. Chinese reports have come almost completely around, from being staunchly dismissive a few months ago to a near certainty that the Chinese government has little to lose in green lighting the acquisition.

Chinese government officials haven’t made a statement, but the Chinese commerce ministry, one of the two bodies overseeing approval of the purchase, is now saying that it’s only natural for Tengzhong to want Hummer. And with Tengzhong issuing pronouncements about maintaining Hummer’s dealer network, it looks like the company is confident it will achieve its end.

Final price for Hummer is expected to be less than half of what GM wanted, coming in at around $200 million USD.

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