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Both sides believe that approval problem, two Chinese Ministry of Commerce said: do not receive free in regard to the acquisition for Hummer

Last year the Canaries of Sichuan goldtel Group acquired universal in heavy industry under the Hummer brand, yesterday the dust settles, soar in heavy industry not completed the acquisition of the Hummer, free and universal have indicated acquisitions fail. Universal then also said it would gradually closed down Hummer's business.

It is understood that, last year on 9 October, free and universal reach agreement on acquisition of Hummer, the transaction amount of $ 1.5, originally scheduled for January 31, completed transaction for multiple reasons, the last trading date was delayed for a month, but today also failed to complete the transaction, the two sides had announced that failed.

General Motors said yesterday, "Sichuan goldtel group in heavy industry failed to complete the acquisition of the Hummer, this acquisition transaction to fail. "Subsequently, Teng, General Manager at also clearly in the termination of the Hummer dealer.

"Stop promoting the trading today announced that the relevant action, and terminate the definitive agreement signed. "Yesterday's a" free universal acquisition in the Hummer "text clear, soar in for this transaction cannot be completed very much regret that company on the acquisition into a huge effort.

The cause of the failure, General Motors that are unable to Sichuan goldtel group in a proposed transaction, the Chinese authorities permit and cannot complete your transaction.

Acquisitions fail, both considered to be a problem on the examination and approval. For this reason, the Chinese Ministry of Commerce separately on 25 September last year and the day before yesterday, two public said: "do not receive free on acquisition of Hummer's application. ”

After the failure of the sale of the Hummer, GM then said that he would gradually closed down Hummer.

"General Motors now and Hummer employees, dealers and suppliers closely to a responsible attitude towards orderly reduction Hummer. "General Motors related official said.

At the same time stresses that General Motors will continue to meet the guarantee of existing Hummer, will continue as the Hummer owners worldwide to provide service and spare parts supply.

It is understood that a year ago, GM announced that it will split the Hummer brand, and create a Chevrolet, Buick, Cadillac GMC and four core brand.

Analysts noted that the Hummer deal fails, will speed up the Hummer brand from general family disappeared.

Although the expert viewpoint: acquisition failed but is not a "farce"

"In fact, from an international viewpoint, transnational purchasing a business success or failure is a normal thing, why the soar in heavy industry who would become the ' farce '?," yesterday, the acquisition of Hummer in for free to "farce" end report, Wuhan University of technology of automotive engineering Professor Joe weigao interview that even soar in heavy industry is not a car company, its acquisition of Hummer or any fantasy, since it is an acquired brand, most needs to understand the operation and management, but not necessarily going to know cars.

"Using professional's perspective, the Hummer is not a civilian car, belonging to the buggy or military vehicles. "Joe-high, the car running in the wild, generally on the high power requirements, maintaining high is in the affirmative. But because it is not a civilian car, a special purpose, so get the fuel consumption indicator and Hummer other than ordinary car is meaningless.

He said that as an obscure private enterprises escaping in heavy industry, the acquisition of a foreign to the door of the car brand, corporate and Government communication and public communication is especially important, and soar in heavy industry is obviously not doing enough, this is also an important factor in their failure.

[Edit: scottzhang]