Hey! More US dollars held overseas are repatriating. We just had to give up one of the most (in)famous auto brands around.
This morning it was confirmed that GM had found a buyer for Hummer, and now the NYT confirms that it’s Sichuan Tengzhong, a machine and truck maker in Western China that wants to (for some reason) get into the auto game.
Sichuan Tengzhong is a privately owned company, but Tuesday’s deal required preliminary vetting by Beijing officials, who retain the right to veto any attempt at an overseas acquisition by a Chinese company and who give special attention to deals over $100 million.
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