Oh Well, No PE Owner for Hummer
GM still isn't identifying the prospective buyer of its Hummer unit, but the NYT is reporting that it's Chinese manufacturing company Sichuan Tengzhong Heavy Industrial Machinery Co Ltd. (apparently they want to diversify). Reuters had previously reported that at least one private equity firm was in the running, and I had wondered if the stars were aligning after Platinum Equity yesterday agreed to buy auto parts maker Delphi out of bankruptcy. In fact, I was secretly hoping that Cerberus would try doubling down -- just for the sight of UAW members and institutional investors protesting in lockstep.
2 June 2009•1 min read
