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Three bidders remain for GM’s Hummer

Posted Thursday, Apr 9, 2009, 12:01 pm in Employee News

Three bidders remain for General Motors Corp’s Hummer brand, two sources with knowledge of the matter told Reuters on Wednesday, adding that current offers range from $100 million to $200 million in cash, in addition to other commitments.

None of the bidders are automakers, according to Reuters. One bidder is from the United States and the other two are from overseas, the sources said, adding that the bidders include private equity and wealthy individuals.

Reuters said the sources declined to be identified because the details of the auction are not public.

Under the terms being discussed for the Hummer sale, a buyer would take over GM’s liabilities for its 125 U.S. Hummer dealers and commit to further investments in areas such as engineering, marketing and sales, the sources told Reuters.

GM’s plant in Shreveport, Louisiana, which makes the Hummer H3 and the H3T pickup, will not be part of the deal, the sources told Reuters. Instead, GM will continue making the vehicles there and will supply them to the new owner, the story said. (Reuters)
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