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Tengzhong's executive expresses confidence on Hummer takeover
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10:01, June 12, 2009

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China's Sichuan Tengzhong Heavy Industry Machinery Co Ltd, which is reported having reached a tentative agreement on purchase of General Motors (GM) Hummer brand last week, said it has the financial resources and expertise to clinch the bid, China Daily reported Friday.

"The mergers and acquisitions we did in the recent years have provided us with rich experience to integrate resources in different industries or tap into a new industry," Yang Yi, general manager of Tengzhong, quoted by the newspaper as saying.

The little-known Sichuan-based heavy machinery maker signed a preliminary agreement with the bankrupt General Motors to acquire its gas-guzzling Hummer brand for an undisclosed price.

"The public should not judge a private company's financial capability from its registered capital," said Yang, "we have the financial resources for the Hummer deal from our own capital and also funding from some financial institutions".

Yang declined to disclose the exact quantum of money that would be spent on the takeover, but said "it would be a very worthy deal with a reasonable price" in respond to the 100 million to 500 million U.S. dollars speculation.

The final result will be known in the next few weeks, and the transaction is also awaiting approval from the government, according to Yang.

Tengzhong said it will sign a long-term contract with GM on the assembly, spare parts and material supplies for the transferred Hummer. The company will also invest in research and development of a new power train system to help improve the gas guzzler's fuel efficiency, said Yang.

Source:Xinhua



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