Friday, August 15, 2008
General Motors in Hummer talks
Oleg Deripaska is considering a move for the SUV brand
General Motors has been in preliminary talks with Russian oligarch Oleg Deripaska about the possible sale of its Hummer brand.
GM has said it plans to raise up to $4bn (£2bn) through asset sales and has hired Citibank to assist its considerations of strategic options for Hummer.
While the giant SUV brand is not yet officially up for sale, the American carmaker in June said it was reviewing its ownership of the struggling gas-guzzler.
GM has lost more than $51bn over the past three years and with Hummer's main market in the US drying up – sales fell 40 per cent in the first half of the year – disposal of the brand seems inevitable.
Discussions between Deripaska and GM came following reports that the Russian billionaire had been in negotiations with the carmaker about its plans for expansion into Russia.
DATED: 15.08.08
FEED: MT
General Motors has been in preliminary talks with Russian oligarch Oleg Deripaska about the possible sale of its Hummer brand.
GM has said it plans to raise up to $4bn (£2bn) through asset sales and has hired Citibank to assist its considerations of strategic options for Hummer.
While the giant SUV brand is not yet officially up for sale, the American carmaker in June said it was reviewing its ownership of the struggling gas-guzzler.
GM has lost more than $51bn over the past three years and with Hummer's main market in the US drying up – sales fell 40 per cent in the first half of the year – disposal of the brand seems inevitable.
Discussions between Deripaska and GM came following reports that the Russian billionaire had been in negotiations with the carmaker about its plans for expansion into Russia.
DATED: 15.08.08
FEED: MT
