Tengzhong-Hummer deal may have been rejected

China’s Ministry of Commerce (MofCom) may have rejected a bid by Sichuan Tengzhong Heavy Industrial Machinery to buy the Hummer unit of US automaker General Motors, Bloomberg reported, citing state media. A report in the Beijing Youth Daily did not cite sources for the news, but noted Tengzhong’s application had been rejected due to a lack of clarity over the precise target of the acquisition. Other domestic media reports on Monday suggested the application had been turned back due insufficient detail, but quoted a Tengzhong spokesman as saying the company was still "trying hard." Tengzhong must secure approval for a takeover from both MofCom and the National Development and Reform Commission.