Tengzhong to Acquire GM's Hummer Brand

Oct. 9, 2009
Tengzhong will own 80% and Suolang Duoji, a private entrepreneur, will own the rest

China's machinery maker Tengzhong will acquire General Motors' Hummer sport-utility vehicle brand, the two companies announced on Oct. 9.

Tengzhong intends to purchase Hummer through an investment entity, in which it will hold an 80% stake.

Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong-listed industrial chemical producer Lumena, will hold the remaining percent stake.

GM and little-known Tengzhong in early June signed a tentative agreement for the Chinese firm to buy the gas-guzzling Hummer nameplate.

Copyright Agence France-Presse, 2009

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