A Chinese company's attempt to acquire General Motors' Hummer brand is facing rejection by Beijing, throwing the landmark deal into disarray and further undermining the prospects of cross-border deals involving mainland companies.
Sichuan Tengzhong Heavy Industrial Machinery is making a last-ditch attempt to secure regulatory approval from China's commerce ministry for its deal to buy Hummer, say people familiar with the matter.
GM and Sichuan Tengzhong, a previously little-known provincial machinery company, had set a deadline of this week to conclude the $160m acquisition. The sides had already extended that deadline by a month due to problems gaining regulatory approval.
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