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MOFCOM 'hasn't received Tengzhong's application' to buy Hummer
2010-02-25 08:52:39Source:People′s Daily OnlineAuthor:
Regarding recent reports that China's Ministry of Commerce (MOFCOM) has rejected Sichuan Tengzhong's bid for Hummer, Assistant Commerce Minister Wang Chao said February 24 that they have not received Tengzhong's application yet.
"The MOFCOM has not received the application, and the ministry will examine the deal in accordance with relevant laws and regulations after receiving it." He also reiterated that Chinese enterprises' overseas investment, that follows market rules, would receive governmental support.
Reuters reported recently that sources close to Tengzhong confirmed MOFCOM's rejection of the company's proposal to buy Hummer.
There were also reports suggesting that Tengzhong may use an overseas investment company to finish the deal, avoiding Chinese government's supervision.
The agreement the two companies reached last June will expire by the end of January 2010. Hummer made an announcement recently that they have agreed to extend the agreement to the end of February.
"The MOFCOM has not received the application, and the ministry will examine the deal in accordance with relevant laws and regulations after receiving it." He also reiterated that Chinese enterprises' overseas investment, that follows market rules, would receive governmental support.
Reuters reported recently that sources close to Tengzhong confirmed MOFCOM's rejection of the company's proposal to buy Hummer.
There were also reports suggesting that Tengzhong may use an overseas investment company to finish the deal, avoiding Chinese government's supervision.
The agreement the two companies reached last June will expire by the end of January 2010. Hummer made an announcement recently that they have agreed to extend the agreement to the end of February.
