Hours after the tantalizing Bloomberg story that Sichuan Auto was mulling a bid for GM’s Hummer unit hit the wires, the Chinese auto and engine maker put the thing to rest. An unnamed executive with the tiny car maker categorically denied its intent to buy the maker of not-tiny-at-all cars.
“It’s a complete rumor. We have never had discussions with GM, nor are we interested in Hummer,” the executive said. Check here for the full Reuters story.
The American carmaker is scrambling to prove its viability to Congress in order to hang onto US$13.4 billion in federal bailout funds. GM has reportedly tried to offload the Hummer unit to other Chinese buyers, but they’ve all backed away.
It’s bad for GM. But really I’m lamenting the lost months of double entendres and references to “spicy deals” or hot pot that would have surely graced headlines and lede paragraphs as the deal played out. Sigh. Guess we’ll have to go back to writing about forex reserves.