Hummer Signing Today

[porschett]

Oct 8, 1:18 PM EDT


AP Source: GM nearing completion of Hummer sale

By TOM KRISHER
AP Auto Writer

DETROIT (AP) -- A person briefed on the matter says General Motors Co. is expected to sign a deal to sell its Hummer brand to a Chinese heavy equipment manufacturer as early as Thursday afternoon.

The person says GM and Sichuan Tengzhong Heavy Industrial Machinery Corp. are preparing to sign a definitive sales agreement for the iconic off-road brand. The person did not want to be identified because the deal has not been finalized.

The purchase price was not known, but GM said in its bankruptcy filing that Hummer might bring $500 million or more.

GM spent 40 days in bankruptcy protection during the summer and has received about $50 billion in U.S. government aid. The company is selling or scrapping brands to focus on Chevrolet, Cadillac, Buick and GMC.

[HUMMERcustoms.com/TAZ]

I think I saw scrolling across bottom of Fox News Neil Cavuto Show selling price was 150 million. I have not had time to double check this as I was on phone call with IRS as I was trying to read the scrolling and I forgot about it until just now reading this post.

TAZ

[HummBob]

Originally Posted by HUMMERcustoms.com/TAZ

I think I saw scrolling across bottom of Fox News Neil Cavuto Show selling price was 150 million. I have not had time to double check this as I was on phone call with IRS as I was trying to read the scrolling and I forgot about it until just now reading this post.

TAZ

GULP......IRS......

[s_c5519]

GM signs deal to sell Hummer brand

DETROIT ? Hummer, the off-road vehicle that once was a symbol of America's love for hulking trucks, is now in the hands of a Chinese heavy equipment maker.

General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. finally signed the much-anticipated deal to sell the brand on Friday, according to a joint statement issued by both companies.

Tengzhong will get an 80 percent stake in the company, while Hong Kong investor Suolang Duoji, who indirectly owns a big stake in Tengzhong through an investment company called Sichuan Huatong Investment Holding Co., will get 20 percent.

He also is the controlling shareholder and chairman of Lumena Resources Corp., a Hong Kong listed mining company.

Financial terms were not disclosed, although a person briefed on the deal said the sale price was around $150 million. GM said in its bankruptcy filing last summer that the iconic brand could bring in $500 million or more.

The person did not want to be identified because the terms were being kept private.

The investors also will get Hummer's nationwide dealer network.

GM and Tengzhong said in a statement that the transaction still must be approved by U.S. and Chinese regulators.

[DRTYFN]

CAN I GET AN HX NOW?

[dallas007]

GREAT NEWS!!!!!!