11 August 2004
New Control Of Hummer
Posted by Zane under: News .
Billionaire Ronald Perelman’s MacAndrews & Forbes Holdings Inc. will form a new venture with Renco Group Inc., which owns Hummer sport utility vehicle maker AM General LLC, that will give MacAndrews managing control of AM General, the companies said on Tuesday.AM General, which designs and builds the Humvee military vehicle and its commercial siblings, the Hummer H1 and H2, will be operated by Perelman’s MacAndrews subject to certain rights still held by Renco, the companies said.Renco is run by dealmaker Ira Rennert, who took over South Bend, Indiana-based AM General in 1992 for $133 million. The companies did not provide a value for the deal, which was widely reported to be worth more than $930 million.
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