Hummer-Tengzhong Deal Still in Pipeworks

In what is turning into a massive game of clock-watching and thumb-twiddling, Tengzhong has once again reiterated to the press it is still awaiting word on the status of its Hummer acquisition. The recapitulation was made in response to a report from the Chinese newspaper National Business Daily that China's Ministry of Commerce had approved of the sale last Friday, August 21. According to an unnamed Tengzhong spokeswoman, "negotiations continue to progress and the transaction will be announced upon the signing of the definitive agreement as soon as appropriate."

Back in June, the state-owned China National Radio reported the national government would block the deal, citing environmental and business concerns. Hummer and Tengzhong refuted the CNR statement, with Hummer tagging the claim as mere speculation.

Source: Reuters