Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Lifting the veil over China's air pollution

Read more

ENCORE!

Tango Takeover in Paris

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

IN THE PAPERS

Cécile Duflot ruffles some feathers

Read more

MEDIAWATCH

Media accused of pro-protester bias in Ferguson

Read more

DEBATE

The Murderous Lure of Jihad: Tackling ISIS and its Worldwide Recruitment (part 2)

Read more

DEBATE

The Murderous Lure of Jihad: Tackling ISIS and its Worldwide Recruitment

Read more

  • Besieged by problems, Hollande faces unhappy return from summer holidays

    Read more

  • Russian aid convoy reaches Ukraine’s rebel-held Luhansk

    Read more

  • Gunmen kill scores in Iraqi Sunni mosque attack

    Read more

  • Hamas publicly executes "informers"

    Read more

  • French firebrand leftist to quit party presidency, but not politics

    Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Turkish Foreign Minister Davutoglu set to be Erdogan's new PM

    Read more

  • Hollande is ‘nobody’s president’ says former French minister

    Read more

  • Two US Ebola patients leave hospital ‘virus-free’

    Read more

  • US reaches historic $16.7bn settlement with Bank of America

    Read more

  • Special report: Supplying Ukraine’s soldiers on the front line

    Read more

  • France delivered arms to Syrian rebels, Hollande confirms

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

Business

GM sees progress in Hummer sale to China's Tengzhong

Text by NEWS WIRES

Latest update : 2009-08-24

As Berlin urges General Motors to speed up its decision on Opel, the US carmaker is hoping to finalise the sale of its sport-utility brand Hummer to China's Tengzhong after the two parties signed a tentative agreement in early June.

AFP - US auto giant General Motors on Monday said it is making headway in finalizing a deal to sell its Hummer sport-utility vehicle brand to Chinese machinery maker Tengzhong.
  
"Negotiations continue to progress," GM spokesman Nick Richards told AFP, adding that the finalized deal would be announced "as soon as appropriate."
  
GM and little-known Tengzhong in early June signed a tentative agreement for the Chinese firm to buy the gas-guzzling Hummer nameplate.
  
Since then, Richards said, "the parties have been in frequent discussions working closely to finalize a definitive agreement."
  
The ailing GM, seeking to dispose of non-core assets, had announced the potential Hummer sale before entering a government-orchestrated bankruptcy.
  
The US auto maker emerged last month from a bankruptcy court-supervised restructuring and is more than 60 percent owned by the US government.
  
Sichuan Tengzhong Heavy Industrial Machinery, based in China's southwestern Sichuan province, specializes in manufacturing heavy machinery equipment for use in road and bridge construction, as well as the energy industry.

Date created : 2009-08-24

COMMENT(S)