Tengzhong, GM extend Hummer sale deadline -Bloomberg

BEIJING, Feb 1 (BestGrowthStock) – Sichuan Tengzhong Heavy Industrial
Machinery Co and General Motors [GM.UL] have agreed to extend by
a month their deadline for Tengzhong to close its purchase of
GM’s Hummer brand, Bloomberg reported, citing a GM official.

The definitive agreement for the sale of Hummer to Tengzhong,
a little-known machinery maker in southwestern China, expired on
Jan. 31, according to a contract signed in October 2009.

The parties had agreed to extend the deadline to the end of
February while they await Chinese regulatory approval, Hummer
spokesman Nick Richards told Bloomberg in a report on its
website.

“While the transaction approval process is not proceeding as
quickly as originally forecast, we’re optimistic about the
progress that has occurred to date,” Hummer Chief Executive Jim
Taylor said in an e-mailed statement to Bloomberg.

There was no immediate comment from China’s Ministry of
Commerce, which is responsible for the approval of outbound
investment by Chinese companies.

A Tengzhong spokeswoman declined to comment.

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Tengzhong, GM extend Hummer sale deadline -Bloomberg