tengzhong-acquisition-of-hummer-cancelled

Tengzhong acquisition of Hummer cancelled

Tengzhong is unable to secure regulatory approvals to proceed with the Hummer acquisition, forcing it to abandon the deal.

Sichuan Tengzhong Heavy Industrial Machinery and General Motors yesterday confirmed that the deal for the Chinese company to buy Hummer has been aborted.

Tengzhong said in a press statement that it had been unable to obtain regulatory approvals from Chinese authorities within the deal timeframe and that while it is disappointed that the transaction cannot be further pursued, it respects the outcome.

Chinese media reported that Yao Jian, spokesperson for China's Ministry of Commerce, said at a briefing that Tengzhong could not provide regulators with a reasonable purchase plan, information about its investment plans and fundraising plans and further that the Chinese government is seeking to encourage renewable, green...

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