China ‘to Block’ Hummer Takeover

The unexpected proposed takeover of Hummer by a small Chinese company has been stalled, due to concerns about the environment. From BBC:

Sichuan Tengzhong Heavy Industrial Machinery emerged as the surprise buyer for the brand earlier this year.

But China National Radio said Hummer is at odds with the country’s planning agency’s attempts to decrease pollution from Chinese manufacturers.

The acquisition from General Motors would need Chinese regulatory approval.

The value of the bid was not disclosed at the time, but analysts say that GM would have made about $100m (£61m) from the sale.

National Development and Reform Commission will also block Sichuan Tengzhong from buying Hummer because the Chinese construction equipment maker lacks expertise in car production, state radio added.

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