China ministry says not received Hummer buy application
Beijing: China`s Commerce Ministry said on Saturday that it has not yet received an application about machinery maker Tengzhong`s bid to buy General Motors` Hummer brand.
General Motors Co signed a deal on Friday to sell its iconic but tarnished Hummer brand to an investment partnership headed by the hitherto obscure Chinese machinery maker, based in the country`s southwest province of Sichuan.
"The Ministry of Commerce has yet to receive an application concerning Tengzhong`s purchase of Hummer," a Ministry official was quoted as saying in a brief report on Chinese state radio.
"Currently, the Sichuan province commerce office is preparing to report the situation to the Ministry of Commerce, and because nothing is known about the specific content of the purchase agreement, for now (the ministry) will not say any more," the report cited the unnamed official as saying.
It was unclear whether the Ministry`s statement suggested any regulatory obstacle to the deal.
Tengzhong needs approval from the Chinese government, including the Ministry of Commerce, which industry and government officials say holds the ultimate authority over the deal.
Chinese officials have signalled that the deal would be treated favorably, Jim Taylor, the GM executive who has helped steer the sale, said on Friday.
A completed deal would mark the first major acquisition of distressed US auto assets in the global downturn by Chinese firms seeking to acquire higher profile names and more advanced technology.
More from India
More from World
More from Sports
More from Entertaiment
- Vadodara: Policemen seen dancing with bar girls
- PM Modi speaks at Golden Jubilee celebrations of poet Dinkar’s works
- Zee Media Exclusive: Kangana, Madhavan talk about their film 'Tanu Weds Manu Returns'
- DNA: Harmful chemicals found in Maggi, Nestle India still in denial mode
- Coal scam: Naveen Jindal, Madhu Koda and others get bail
- One year of Modi govt: Arun Jaitley addresses press conference
- ISIS executes Syrian fighter using anti-tank rocket launcher
- CM Kejriwal shortlists 39 'unwanted' IAS officers in Delhi
- Zee Media Exclusive interview with Congress leader Kamal Nath
- DNA: Modi-led NDA govt's hits and misses in one year
- Rajasthan: Gujjars revive reservation agitation, block rail track
- Columbia student takes rape-protest mattress to graduation
- J Jayalalithaa sworn-in as Chief Minister of Tamil Nadu
- Mumbai: One injured in shootout at Film City
- Delhi: Car catches fire after crash, one dead
- IPL 2015, Qualifier 2: CSK vs RCB - As it happened...
- Tanu Weds Manu Returns movie review: Kangana Ranaut steals the show!
- India to soon have its own space shuttle!
- Kejriwal slams notification on LG's powers, says Modi running Delhi govt through back door
- PM Narendra Modi graces Digvijay Singh's son wedding reception
- Rahul Gandhi to pressurise govt to act on one-rank-one-pension issue
- CBSE 12th Results 2015: CBSE Board Cbse.nic.in & cbseresults.nic class 12th XII board exam Results 2015 date announced
- Goa Board SSC Exam Results 2015 announced
- ISIS close to buying nuclear weapon from Pakistan?
- Businessman shot next to Amitabh Bachchan's shooting location in Mumbai Film City
- Manohar Parrikar visits forward areas along LoC, reviews security situation
- RBSE 12th Science & Commerce Board Result 2015 declared
- RBSE rajresults.nic.in & rajeduboard.nic.in 12th Results 2015: BSER Ajmer Rajasthan Board Class 12th XII Senior Secondary Science & Commerce Exam Results 2015 to be declared shortly
- There will be no delay in appointing CIC, CVC: Jitendra Singh
- rajresults.nic.in RBSE Rajasthan Board BSER Class 12th Science and Commerce Exam Results 2015 to be declared shortly