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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Generali | AQEU:GM | Aquis Europe | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.30 | -1.28% | 23.18 | 23.19 | 23.20 | 23.32 | 23.07 | 23.31 | 64,476 | 09:37:05 |
From Jul 2019 to Jul 2024
DOW JONES NEWSWIRES
Sichuan Tengzhong Heavy Industrial Machinery Co. confirmed that it is in advanced talks to buy the Hummer brand from General Motors Corp. (GM).
GM, which filed for bankruptcy protection Monday, said earlier Tuesday that it had agreed to sell the unit but didn't identify the buyer. The sales price is expected to be under $500 million, with the deal seen closing by the end of the third quarter.
Tengzhong, a privately owned company in China, makes road, construction and energy-industry equipment, but doesn't make automobiles. The company will enter a long-term deal to procure Hummer sport-utility vehicles from GM, securing more than 3,000 U.S. jobs.
The deal is expected to close in the third quarter and is subject to regulatory approvals. Credit Suisse is advising Sichuan Tengzhong, while Citigroup is advising GM.
The company plans to continuing to develop the Hummer portfolio with more fuel-efficient and alternative-fuel models, a move that could make the brand more relevant if gasoline prices continue to climb.
-By Jay Miller, Dow Jones Newswires; 201-938-2331; jay.miller@dowjones.com
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