GM reaches tentative pact to sell Hummer but to whom??

June 2, 2009

(ChattahBox) — General Motors Corp., who found an investor for its European Opel brand over the weekend — Magna International Inc., has apparently made another sale. Fresh off filing for bankruptcy protection Monday, GM, has announced the tentative sale of the Hummer brand to an unknown buyer.

Financial terms weren’t released but the buyer is expected to take over the brand by the end of the third quarter. GM would only say the investor is committed to continuing to develop the Hummer portfolio and build alternative-fuel models for the brand at some point.  Previous bids for Hummer were in the sub-$500 million range. As part of the transaction, Hummer will continue to contract vehicle manufacturing and business services from GM during a defined transitional time period. GM’s Shreveport Assembly plant would continue to contract assemble the H3 and H3T through at least 2010. GM is still seeking buyers for Saturn, Pontiac and Saab.

In a presentation to analysts GM said 16 parties have expressed interest in Saturn, including auto retail giant Penske Automotive Group Inc. (PAG) and private equity firm Black Oak Partners LLC.  GM also indicated three parties are interested in buying Saab.

Source


Comments

3 Responses to “GM reaches tentative pact to sell Hummer but to whom??”

  1. Opo Loke on June 2nd, 2009 8:07 am

    Mahindra & Mahindra are the successful buyers.

  2. Buyer of GM’s Hummer Unit Revealed | ChattahBox News Blog on June 2nd, 2009 4:26 pm

    […] — Bringing a little closure to an earlier post today we reported General Motors Corp. had signed a deal to sell its Hummer truck unit but the buyer was unknown.  […]

  3. Sandesh Nandeesh on June 4th, 2009 4:11 pm

    I believe one of Indian Auto Giants, Mahindra & Mahindra could be successful bidders & buyers!!! They definitely have the capacity to surprise the world. I myself have worked for couple of years recently. They do have good track record & succeeded. Recent success is buying bad hit-Satyam.

Got something to say? **Please Note** - Comments may be edited for clarity or obscenity, and all comments are published at the discretion of ChattahBox.com - Comments are the opinions of the individuals leaving them, and not of ChattahBox.com or its partners. - Please do not spam or submit comments that use copyright materials, hearsay or are based on reports where the supposed fact or quote is not a matter of public knowledge are also not permitted.