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China machinery firm submits bid for Hummer: state media
Beijing (AFP) July 23, 2009 Little-known Chinese machinery maker Tengzhong has filed to Chinese regulators its application for buying the Hummer brand from troubled General Motors, state media said Thursday. Tengzhong, based in southwest China's Sichuan province, submitted the bid last week to the National Development and Reform Commission, the country's top economic planning agency, the China Daily said. The company announced in early June it was bidding for Hummer, makers of the gas-guzzling sports utility vehicle, a deal previous Chinese media reports said may be worth 160 million dollars. However Chinese media have expressed scepticism that the deal will be approved partly because of concerns about Tengzhong's ability to compete in the fiercely competitive global auto industry. The company specialises in manufacturing heavy machinery equipment for use in road and bridge construction, as well as the energy industry. The deal would also go against the Chinese government's policy of encouraging fuel-efficient vehicles. Thursday's China Daily also cited an unnamed spokeswoman for the company as saying Tengzhong was planning to set up an offshore investment vehicle to facilitate the purchase. Share This Article With Planet Earth
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