Chinese car firm denies interest in GM's Hummer
A Chinese automaker denied holding talks over buying General Motors' Hummer-brand sports utility vehicle unit, a spokesmen for the firm said on Wednesday, dpa reported.
"We don't have the desire (to buy Hummer) and we haven't had any contact with GM," the Sichuan Auto Industry Group spokesman said.
Bloomberg News on Tuesday quoted unidentified sources as saying Sichuan Auto, one of China's smaller auto makers, could pay up to 500 million dollars for Hummer.
The Chinese firm would finance the purchase through loans from state-owned banks and may face competition from other firms interested in Hummer, Bloomberg said.
Sales of Hummer vehicles fell sharply last month, while GM must reduce its debt to qualify for a US government bailout.
In a statement on its government-supported restructuring plan on Tuesday, GM said it had "made significant progress" in some areas including "evaluating Hummer sale options."
Sichuan Auto is officially listed with assets totalling about 1 billion yuan (146 million dollars), according to its website.