Battlefield

General Motors (GM: n.a., n.a., n.a.%) announced on Tuesday morning that it had nearly sealed a deal to sell its Hummer brand, and wouldn’t announce the name of the buyer, though a report indicated the buyer was a Chinese company.




The New York Times said the prospective buyer was Sichuan Tengzhong Heavy Industrial Machinery Company, a machinery company in Western China that wants to become a car maker.

The Times said the Sichuan Tengzhong is a private company, but that the deal would still require approval from Beijing.

GM said in a statement that it had reached a memorandum of understanding with the potential buyer, and that the sale was expected to close in this year’s third quarter. It said that the investor plans “to aggressively fund future Hummer product programs.” GM said that the MoU wouldn’t allow it to disclose the buyer or price at this time.

"I’m confident that Hummer will thrive globally under its new ownership,” said Troy Clarke, President of GM North America, in the press release.

GM said that Hummer will continue to contract vehicle manufacturing and business services from GM during a transition period.

Reuters reported that it learned from sources in early April that three bidders were in the running for Hummer, that none of the bidders were auto makers and that one was from the U.S., while the other two were from overseas.

Citigroup (C: 3.53, -0.15, -4.08%) acted as adviser to GM in the transaction.



http://www.foxbusiness.com/story/markets/industries/transportation/update--gm-reaches-deal-sell-hummer-suv-brand/
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I love Hummer.....