- Inbound Acquisition Deal Grabs Headlines
- June 18, 2009 | Author: William A. Newman
- Law Firm: Sullivan & Worcester LLP - New York Office
This morning's print and online media, including Dealbook, is covering GM's planned sale of its Hummer brand to China-based Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. for a price that is reported to be less than $500 million. The business being sold does not include the military vehicle after which the Hummer is designed. Chinese news media also carried stories reporting the memorandum of understanding.
Sources reporting the planned sale included automotive blogs, including Kicking Tires and Autoblog.
This development for GM is an interesting follow up to our blog posted May 25 speculating whether sales of U.S. automotive businesses to non-U.S.buyers will trigger CFIUS review. The article in today's Wall Street Journal reporting the transaction includes a chart that reviews the regulatory review record for major recent inbound deals originating in China.