Spokesman: no application received for Hummer deal

13:52, February 25, 2010      

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China's Ministry of Commerce (MOFCOM) and National Development and Reform Commission (NDRC) have not received Tengzhong's application to buy Hummer, said Yao Jian, spokesman of the MOFCOM Thursday morning.

Sichuan Tengzhong and General Motors announced earlier today that Tengzhong has withdrawn its acquisition bid for Hummer as it failed to get approval from Chinese regulators before the proposed timeframe.

"The decision of the enterprises themselves is the most important in this deal. It is too early to talk about the government's attitude before involved enterprises finalize the investment pattern, financing scheme and organization mode," said Yao.

Yao reiterated the MOFCOM's support for Chinese enterprises' overseas investment. "China encourages domestic companies to address environmental issues in mergers and acquisitions (M&A)."

By People's Daily Online
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