ELAINE KURTENBACH
AP Business Writer
SHANGHAI – The planned purchase of General Motors Co.’s Hummer brand by a Chinese heavy equipment maker appears stalled by regulators, but that hasn’t stopped investors from setting up a fund to invest in the deal.
GM and Sichuan Tengzhong Heavy Industrial Machinery Corp. extended the deadline for Hummer’s sale until Feb. 28 pending approval by the Chinese government. With just days to go, there was no sign Wednesday of any movement on the deal at the Ministry of Commerce or two other agencies concerned.
Beijing has shown little enthusiasm for the planned purchase of a loss-making brand best known for gas guzzling off-road vehicles and which GM is trying to unload as part of a new focus on four mainstay brands.