Friday, August 28, 2009

Closing in on a Deal for Hummer

It is said that a deal to sell Hummer to Sichuan Tengzhong Heavy Industrial Machinery could be finalized as early as next week. Despite a series of setbacks that the two companies have had since Tengzhong announced its intent back in June, the deal appears to be moving forwards. Of course the deal could still be overturned by the Chinese government, however executives seem hopeful. Tengzhong is expected to pay $170 million for Hummer, much less than the $500 million price tag GM had placed on it last year.

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