Tengzhong Close To Buying GM’s Hummer

Sichuan Tengzhong’s bid to buy General Motor’s Hummer division has been stuck in limbo for some months awaiting Chinese regulatory approval while the U.S. carmaker has focused on off-loading its Saturn operation to Penske Automotive. But now that deal has fallen through, GM is anxious not to let the same fate befall Hummer. South China Morning Post (via Reuters) says Tengzhong executives are in Detroit and an announcement is expected within days. However, though the National Development and Reform Commission has given the Ministry of Commerce the final regulatory say, which makes a deal more likely, there is still no word of formal approval from the ministry.