Report: China likely to reject Hummer acquisition - wave3.com-Louisville News, Weather & Sports

Report: China likely to reject Hummer acquisition

BEIJING (AP) - China National Radio says the state planning agency is likely to reject a Chinese company's bid to acquire bankrupt General Motors Corp.'s Hummer unit.

The radio report says the hulking SUVs conflict with Beijing's energy-saving goals.

State radio also says the National Development and Reform Commission is likely to say the Chinese buyer, a maker of construction machinery, lacks the expertise to run Hummer. It cites no source for the information.

Foreign acquisitions in China require regulatory approval. The government has said environmental criteria have risen in importance in vetting potential industrial projects.

Hummer is 1 of the best-known brands that a Chinese company has tried to buy.

(Copyright 2009 The Associated Press. All Rights Reserved.)

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