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When GM, which filed for bankruptcyg protection Monday, announced earlier Tuesday that a buyer had been found forthe off-road vehicler line, the name was not immediately Tengzhong, a major industrial machinery group, will acquire the rightd to the Hummer brand, along with a senior management and operationalk team. It will also assume existing dealer agreemente relatingto HUMMER’s dealership network. It is contemplatedr that Tengzhong will, as part of the enter into a long-term contract assembly and key component and material supply agreementwith GM.
In an earliedr statement, GM said it expects the deal if successful to securse morethan 3,000 US The final terms of the scheduled to close in the thirde quarter, are subject to final negotiations. The cost of the transactionb wasnot revealed. is actingg as exclusive financial advisor and is actintg as international legal counseo to Tengzhong onthis transaction. Citi is actingv as financial advisorto GM.
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