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China's Tengzhong says Hummer talks with GM ongoing
Shanghai (AFP) Sept 9, 2009 China's Sichuan Tengzhong Heavy Industrial Machinery said Wednesday that its talks with General Motors on a proposed deal to buy the US auto giant's gas-guzzling Hummer brand were ongoing. "We continue to discuss with GM on the deal... and we are still proceeding with getting approval from the commerce ministry," a spokeswoman for Tengzhong, a previously little-known company based in southwestern China, told AFP. She rejected a report in The Legal Evening News, a semi-official Chinese newspaper, on Monday that said the ministry had already rejected Tengzhong's application to acquire Hummer because it lacked information. China's commerce ministry, one of the government departments tasked with approving overseas acquisitions by Chinese firms, said Wednesday it had yet to receive any formal application from Tengzhong. GM said late last month negotiations were still underway and that it hoped to announce a finalised deal "as soon as appropriate." GM and Tengzhong signed a tentative agreement in early June for the Chinese firm to buy the Hummer nameplate as the ailing US automaker sought to dispose of non-core assets. The US car giant emerged in July from a bankruptcy court-supervised restructuring and is now more than 60 percent owned by the US government. Tengzhong specialises in manufacturing heavy machinery, mainly for road and bridge construction. Share This Article With Planet Earth
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Taiwan's Sanyang, China's Xiamen Golden Dragon in tie-upTaipei (AFP) Sept 8, 2009 China's leading passenger van maker on Tuesday signed an agreement with Taiwan vehicle manufacturer Sanyang Industry to set up what would be the first cross-strait auto venture here, a report said. Under the "letter of intent," Xiamen Golden Dragon Van Co. and Sanyang said they would invest "several billion Taiwan dollars" (tens of millions of US) to manufacture buses, other vehicles and ... read more |
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