Several parties want to buy GM’s Hummer brand

Posted: Feb. 26, 2010

Several parties want to
buy GM’s Hummer brand

BLOOMBERG NEWS

General Motors is considering expressions of
interest from several potential buyers for its
 
Hummer
brand after the planned sale to a
Chinese company collapsed, five people briefed
on the discussions said.

GM may still wind down Hummer because most
of those interested have done little or no due
diligence on the unit, said the people, who asked
not to be identified because the talks aren’t
public. The Detroit-based automaker expects
some of the parties to drop out soon, the people
said.

"It’s a brand that could be something viable," Jim
Hall, principal of consulting firm 2953 Analytics
in Birmingham, said Thursday. "But the buyer
has to have the constitution to see it through."

GM said Wednesday that it would begin
shuttering Hummer because Sichuan Tengzhong
Heavy Industrial Machinery wasn’t able to
complete a purchase of the SUV unit. GM is
shedding Hummer, Saab, Saturn and Pontiac to
focus on the Chevrolet, Cadillac,
Buick and GMC
U.S. brands after exiting bankruptcy in July.

GM won’t comment on speculation about
possible buyers, said Nick Richards, a Hummer
spokesman.

None of the interested parties has shown it has
cash in hand, said one of the people, a GM
executive. GM insisted on seeing some money up
front when it was negotiating to sell the Saab
brand to
Spyker Cars, the executive said.

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