Yesterday, we reported that Tengzhong, the Chinese company that intends to acquire Hummer from General Motors could try to perform the deal through Sichuan Tengzhong Heavy Industrial Machinery Co, an offshore investment vehicle, if its own attempt of convincing the Chinese government to approve the transaction would fail.
Earlier today, Reuters wrote that the Chinese authorities had rejected the offshore company’s proposal, a move which could kill the whole deal. Subsequently, Wang Chao, an a… (read more)