Teng-acquisition of Hummer failed in General that will cut off the Hummer brand
February 25, Chinese regulators failed to mutually agreed deadline ratification in Sichuan goldtel group heavy buyout Hummer, Sichuan goldtel group in heavy industry and general consultation, announced today that stop promoting the exchange of relevant action, and terminate the definitive agreement signed.
According to the associated press news, GM said Teng in heavy industry to the Hummer brand 1.5 billion acquisition failure will stop after General Hummer brand.
Prior to approval by relevant departments, Sichuan goldtel group in heavy industry and General Motors have to sell Hummer brand acquisition closing date was extended by one month.
Vacate in heavy industry that we respect the result, the company on the acquisition into a huge effort, on this transaction cannot be completed very much regretted. In the original vision, soar in hopes to provide an attractive price purchase Hummer brand, and Teng and other investors ' investment injection to Hummer's existing management team to provide resources to launch eco-friendly sports cars to meet the needs of the existing main market, and attract including China, emerging markets.
Prior to this there are familiar to soar in the heavy industry of Reuters said on Tuesday that soar in may use overseas investment by purchasing Hummer, this way you can make this deal is not subject to the supervision of the Chinese regulators. The Chinese Ministry of Commerce officials in recent weeks continuously foreign claims that they have not yet received formal submission of Wuerttemberg in applications. This acquisition transactions must be approved by the Ministry of Commerce.
(Economic observation network)
[Edit: yiyangcai]