GM sells hummer but doesn't discloser buyer

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Post #309,400

by jay

6/2/09 1:50:58 PM

GM sells hummer but doesn't discloser buyer

http://www.autoblog....tative-agreement/

As expected, General Motors has announced it's entered "into a memorandum of understanding with a buyer for Hummer," but under the terms of the transaction, the purchaser hasn't been disclosed.

Probably good for GM, Hummer as a brand has mostly been a failure and it raises needed cash right now.

The undisclosed buyer part is more interesting. That suggests to me that the buyer doesn't want to be known until they get past the regulatory filing, which means an unpopular buyer. Odds are the company is Chinese, but there are a few rich oil countries that have the money and more reason to buy Hummers.

Jay

Post #309,406

6/2/09 10:12:55 PM

Sichuan Tengzhong Heavy Industrial Machinery

http://www.demorgen....r-overnemen.dhtml

Translation:

Today, a day after it petitioned for protection from its creditors, the American auto builder General Motors (GM) has announced that the Chinese group Sichuan Tengzhong Heavy Industrial Machinery wants to buy its all-terrain brand Hummer.

Earlier today, GM announced it had signed a memorandum of agreement for the sale of Hummer, but did not want to disclose the buyer. The two parties signed the memorandum but still have to negotiate the final accord.

Both parties refuse to divulge any information about the amount involved, but analysts expect a total of less than $500 million. The Chinese group wants to expand the sale of Hummers to more countries, including China. (belga/edp)

GM sells hummer but doesn't discloser buyer - (jay) - (1) - June 2, 2009, 01:50:58 PM EDT

Sichuan Tengzhong Heavy Industrial Machinery - (scoenye) - June 2, 2009, 10:12:55 PM EDT

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