http://www.huliq.com/1/81694/who-bought-hummer
Who body knows who bought Hummer. General Motors sold Hummer to mystery buyer just one day after GM filed for bankruptcy.
GM says it has entered into a memorandum of understanding to sell Hummer. The deal will preserve HUMMER as global off-road brand and will secure 3000 jobs in the United States. However, General Motors' release has no word as to who bought Hummer.
General Motors had said in April (per CNN) that it was considering three serious offers for Hummer. Reuters report doesn't know who bought Hummer either, but has some more information about bidders who were interested in Hummer in April. According to it, non of the bidders are automakers. One bidder is from USA and the other two are wealthy individuals from overseas.
The car maker says Hummer sale is subject to regulatory approval and customary closing conditions. Last year Hummer sales were down 51 percent in USA. It's an expensive car. The price of an average Hummer can range from $31K to $72,000 dollars if you chose to add options.
GM plans to sell other non-performing brands as well. Pontiac, Saturn and Saab brands are next. This will help GM to cut loose more than 2,000 of its 6,000 U.S. dealerships by next year.
The question as to who bought Hummer still remains and it is known known why the mystery buyer or GM would keep it secret? However, whoever the new buyer of Hummer turns out to be, it should be considering sponsorship to re-introduce the brand. Get those proposals ready.
According to Reuters, in bankruptcy, GM will be divided in two: a "New GM" made of its best assets and "Old GM," which will include excess plants, brands and equipment that will eventually be sold or liquidated under court protection.
GM said the Hummer transaction was set to close by the third quarter of this year and should secure more than 3,000 jobs in manufacturing, engineering and at Hummer dealerships around the United States.
Also, GM's Shreveport Assembly plant would continue to contract assemble the H3 and H3T through at least 2010.
BUYING THE BRAND
In court documents filed on Monday, Henderson said the automaker had expected Hummer to fetch more than $500 million when it went up for sale in June 2008, but the sale could not proceed on "reasonable terms" due to tight credit and concerns about the automaker.
Investment bankers have said Hummer would fetch about $100 million in cash, down from initial expectations of $500 million to $750 million.
Hummer's valuation has suffered because of the weakening economy, continued tightness in credit markets and a lack of interest. The overall value of automotive assets has also declined dramatically over the past year.
GM sold about 27,485 Hummers in the United States in 2008, down 51 percent from the previous year.
In early April, sources told Reuters that three bidders were in the running for Hummer, and that none were automakers.
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