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Updated: 7:29 PM Nov 7, 2009
Deal to sell Hummer to Chinese company still not complete
Although Hummer has completed their side of the deal to sell the Hummer brand to the Chinese company Sichuan Tengzhong, the deal is not yet complete.
Posted: 11:59 PM Nov 6, 2009 |
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Although Hummer has completed their side of the deal to sell the Hummer brand to the Chinese company Sichuan Tengzhong, the deal is not yet complete.
The company sent their application for approval to China's Commerce Ministry, but according to Shanghai Securities News, that initial application was rejected.
The Commerce Ministry has reportedly ordered a new application, which has to state the exact assets Sichuan Tengzhong plans to get from Hummer, including all intellectual property, technological details, and facility plans included in the proposed deal.
Back in September it was also reviewed by the National Development and Reform Commission and similarly told to clarify the acquisition details farther.
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