China’s commerce ministry has not yet received an application from heavy machinery maker Tengzhong for the acquisition of the iconic Hummer brand from General Motors, an official said Thursday.
“The commerce ministry has not received any formal application from Tengzhong,” commerce ministry spokesman Yao Jian told reporters at a news conference.
“We know no details about Tengzhong’s overseas purchase agreement,” he said in response to a question about the Hummer deal.
The Chinese company last week signed a “definitive agreement” with US giant GM to buy the sport-utility brand.
A Tengzhong spokeswoman has said the transaction was expected to be finalised in late 2009 or early 2010, “which is the point that we also expect to have received the necessary review or approvals to close the transaction”.
However, Yao said the commerce ministry had “no precise knowledge” on whether Tengzhong planned to buy the Hummer brand and external design or take an equity stake in the gas guzzler.
The ministry also did not know the value of the transaction, he added.
But he said the government supported domestic companies investing abroad to expand their market and take advantage of the financial crisis.
