REPORT: GM has three possible offers for Hummer between $100-$200M; SAIC may buy Buick

General Motors has been mandated by the U.S. government to shed brands as part of its restructuring process. Recent reports indicate that the General is hard at work, as three buyers are reportedly seeking to purchase Hummer, while a Chinese company may have interest in Buick.

The Hummer fire-sale has been ongoing, but a brutal economy and non-existent credit markets have made a sale even less probable. Reuters is reporting that GM has than three bidders for the Sierra Club's symbol of excess, with one potential buyer from the U.S. and two others overseas. The price of Hummer is reportedly somewhere between $100-$200 million in cash, plus assurances that the buyer will pump money into engineering, sales and marketing. Whichever firm takes the reigns would also take over responsibility for Hummer's 125 dealers. GM would in turn continue to build the H3 at its Shreveport plant, and turn over future plans for the brand.

A separate report from China Business News states that GM's partner in China, Shanghai Automotive Industry Corp. (SAIC), is looking to purchase Buick outright. The report values the Buick brand at $1 billion, mainly due to its popularity in the Land of the Great Wall. We're more skeptical about this report, however, because it's short on details and just quotes "sources." GM has also never said it would consider selling Buick. The brand is also one of the most popular marques in China, making a sale, unless the price was right, seem like a bad idea.

[Sources: Reuters, China Knowledge]