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NDRC likely to veto Tengzhong's Hummer bid
By Aileen Wang |
June 26, 2009, Friday
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Print Edition
Print Edition
CHINA'S top economic planning agency is likely to reject Sichuan Tengzhong Heavy Industrial Machinery's bid to buy the Hummer brand from bankrupt General Motors Corp, state radio reported yesterday.
The National Development and Reform Commission is worried that Sichuan Tengzhong, which makes special-use vehicles and highway components, does not have the experience and resources to run the Hummer business, the report said.
Besides, Hummer, as an expensive, gas-guzzling sport-utility vehicle, would not fit in with the government's policy of encouraging energy-efficient vehicles, the radio said.
China has a complicated system to regulate overseas investments. Many government bodies, including the NDRC, the Ministry of Commerce and the State Administration of Foreign Exchange, are involved. To further regulate overseas acquisitions by Chinese firms, the NDRC issued an order last Friday requiring Chinese companies to report intended overseas acquisitions before they sign any legally binding contracts.
The National Development and Reform Commission is worried that Sichuan Tengzhong, which makes special-use vehicles and highway components, does not have the experience and resources to run the Hummer business, the report said.
Besides, Hummer, as an expensive, gas-guzzling sport-utility vehicle, would not fit in with the government's policy of encouraging energy-efficient vehicles, the radio said.
China has a complicated system to regulate overseas investments. Many government bodies, including the NDRC, the Ministry of Commerce and the State Administration of Foreign Exchange, are involved. To further regulate overseas acquisitions by Chinese firms, the NDRC issued an order last Friday requiring Chinese companies to report intended overseas acquisitions before they sign any legally binding contracts.
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