The Tengzhong-Hummer deal will be finalized by the end of September, Sichuan Tengzhong Heavy Industrial Machinery Company told China Business News, the newspaper reported Monday.
Tengzhong said that it is in the process of negotiating contract details with General Motors.
"In a statement to the public in June, we already made it clear that the deal would be concluded by the end of September," Tengzhong said, adding that there is no truth in rumors that the deal will be postponed.
The Tengzhong-Hummer deal is still awaiting government approval. In June, some media reported that China's economic planning agency, the National Development and Reform Committee, is likely to reject Tengzhong's bid for Hummer. But, according to Tengzhong, the reporting and review process "is still underway" and is "proceeding on schedule".
Hummer spokesman Nick Richards also told China Business News that Hummer is working with Tengzhong on details, which will be revealed in the final contract by the end of September.
For more details, please read the full Chinese coverage at:
http://www.china-cbn.com/s/n/000004/20090817/000000123525.shtml
(China.org.cn by Yan Pei, August 17, 2009)
