BUSINESS INFORMATION - China's machinery producers will acquire the brand Tengzhong "sport-utility vehicle (SUV) Hummer owned by U.S. auto giant General Motors (GM), the two companies announced Friday, as reported by AFP.
Tengzhong intend to buy the Hummer through an investment entity, in which the company would have a 80 percent stake, said a statement.
Suolang Duoji, with a holding of private entrepreneurs who, among others consists of industrial chemical producers are listed in Hong Kong, Lumena, will have the remaining shares.
Financial terms of the agreement were not disclosed.
GM and the lesser known Tengzhong early in June signed a tentative agreement for China's companies to buy the Hummer nameplate is wasteful of fuel. The next round of negotiations
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