Shearman & Sterling Advises Sichuan Tengzhong on its Proposed Acquisition of Hummer from General Motors

 

Shearman & Sterling LLP is representing Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong) on its proposed acquisition of Hummer from General Motors Corp. (GM).
Tengzhong, a major industrial machinery group, will acquire the rights to the Hummer brand, along with a senior management and operational team. As part of the deal Tengzhong will assume existing dealer agreements relating to Hummer's dealership network and is expected to sign a long-term contract assembly and component and material supply agreement with GM. If the deal is successful, GM says it expects to save more than 3,000 jobs. The final terms of the deal are subject to final negotiations.
Based in Sichuan Province, Tengzhong is one of China's major privately owned engineering companies and manufacturers of heavy machinery equipment with a presence in special-use vehicles, road and bridge construction equipment and construction and energy industry equipment.
The Shearman & Sterling team representing Tengzhong includes partners Paul Strecker (Hong Kong–M&A), Lee Edwards (Beijing–M&A), Douglas P Bartner (New York–Bankruptcy & Reorganization), Michael Torkin (New York–Bankruptcy & Reorganization), Tina Patel (Menlo Park–Intellectual Property) and Beau Buffier (New York–Antitrust); counsel Robert Larussa (Washington, D.C.–Litigation); and associates Wayne Lee (Hong Kong–M&A), Li Chen (Beijing–M&A), Ding Bei (Beijing–M&A), Solomon Noh (New York–Bankruptcy & Reorganization), Erin Elizabeth Chayko (New York–Bankruptcy & Reorganization), Alexa Loo (New York–Bankruptcy & Reorganization), Timothy Haney (New York–Antitrust) and Gang Dong (Beijing–Capital Markets). Partner Silvio Cappellari (Brussels–Antitrust) and associate Clemens York (Brussels–Antitrust) are advising on the EU filing of the transaction.
The transaction is expected to close in the third quarter of this year and is subject to customary closing conditions and regulatory approvals.

Source from : http://www.lawyerpress.com/news/2009_06/10062009_020.html