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Journalism of Courage
General Motors Corp and Chrysler have moved closer on Friday to offloading two niche vehicle brands associated with the era of cheap gasoline and big profits for Detroit, even as both sides intensified talks on a merger that would combine the struggling automakers.
GM will send out a sales prospectus for Hummer to possible bidders in the next few days and Indian automakers Tata Motors Ltd and Mahindra & Mahindra Ltd are among those who will take a look, a source familiar with the matter said.
Parties interested in looking at the prospectus have signed nondisclosure agreements and sent them in. That step is usually taken just before the financial data is sent out and books are typically sent to a wide range of parties.
Many companies look at the sales prospectus, not necessarily implying they would bid for it.
In fact, Mahindra & Mahindra, which plans to enter the US auto market with its own vehicle next year, denied interest in Hummer earlier this year.
GM declined comment. Tata and Mahindra & Mahindra could not be immediately reached for comment.
