Chinese Company Buys Hummer from GM

爱国爱港

http://www.businessweek.com/globalbiz/blog/eyeonasia/archives/2009/10/gms_iconic_humm.html

Posted by: Frederik Balfour on October 10

GM’siconic Hummer brand has been acquired by a Chinese heavy constructionequipment maker for about $150 million, marking another step in thelong march by China to develop a world class local automobile industry.The deal, which was announced on the General Motors website,stipulates the manufacture of all Hummer brand vehicles will continueat its U.S. plants until 2011, ensuring 3,000 workers will keep theirjobs. Sichuan Tengzhong Heavy Industrial Machinery Co. will take 80%and a Chinese entrepreneur from Sichuan province in China’s interior,Suolang Duoji will take 20%.

Tengzhongwasan obscure private company until it made headlines in June announcingit was in talks with GM to buy Hummer. Initially the official Chinesepress conveyed Beijing’s displeasure over such a deal, claiming thatthe purchase of the gas guzzling Hummer brand was not in keeping withthe country’s goal of cleaning up its environment.However insiders said that what really rankled the authorities was thatTengzhong did not seek approval from the central government beforemaking the bid. All overseas investments require the government’sblessing, and Beijing is particularly sensitive to how attempted overseas purchaseswould be perceived by a world that is increasingly wary of the country’s growing economic might.

Though Tengzhong has no previous record in assembling cars, it willhave a couple of years to learn things from the inside beforeattempting to move operations to China. The holy grail for Chineseautomakers has been the intellectual property and full designcapability of international brands, which has made other investmenttargets nervous about doing deals with them. Beijing Automotive hadattempted to by the Opel brand from GM during the summer, but thetransfer of design know how became a deal breaker in the end. No doubtCredit-Suisse, which advised Tengzhong on the deal, made sure thatdetails about the transfer of technology were clearly spelt out. Itwill want to ensure it doesn’t repeat the mistakes made by ShanghaiAutomotive Industrial Corp. which bought a majority stake in SsangyongMotors in Korea, a company which is now in bankruptcy. The Korean sideaccused SAIC of trying to steal its technology. Chances are there willbe more attempts by Chinese automakers to acquire overseascapabilities. Geely Automotivewas rumored to be interested in buying either Saab or Volvo, and is likely to continue scouring the globe for auto assets.

bcsw1982

现在也就只有中国人喜欢买悍马了，不过收购的价格比预期低了很多，另外那家收购悍马的公司没太听说过。

爱国爱港

http://www.nzherald.co.nz/motor- ... p;objectid=10606335

Ford angling to Volvo to Geely

4:00AM Saturday Oct 31, 2009

Ford is angling to sell its premium Volvo brand to Chinese carmaker the Geely Group. "Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand," said Ford chief financial officer Lewis Booth. Ford says it will soon begin more detailed talks with Geely. Analysts in Europe put a possible sale price for Volvo of around US$2 billion. Ford paid US$6.45 billion for Volvo in 1999.

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