R.I.P. to the Hummer

[marmar]

By Sharon Terlep
Of DOW JONES NEWSWIRES


DETROIT (Dow Jones)--General Motors Co.'s Hummer line of beefy SUVs is headed for extinction after a deal to sell the brand to a Chinese manufacturer fell apart.

Would-be buyer Sichuan Tengzhong Heavy Industrial Machinery Co. said Wednesday it failed to win approval from Chinese regulators for its $150 million bid.

GM said it will begin winding down Hummer, a brand that until a couple of years ago was one the auto maker's biggest money makers.

The Hummer sale is the latest deal to fall apart for GM as the company works to shed brands around the globe. The auto maker's efforts to sell its Saturn brand unexpectedly collapsed last year; later the company reversed plans to sell its Opel European unit after months of intense negotiations failed to produce a favorable deal.

Tengzhong's efforts to get clearance to buy Hummer became entangled in China's complicated regulatory system, according to people familiar with the situation. On Wednesday, China's Assistant Commerce Minister Wang Chao said his ministry has never received an application from Tengzhong. The company, however, said it tried and failed to obtain approval. .............(more)

The complete piece is at: http://online.wsj.com/article/BT-CO-20100224-716918.htm...