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When GM, which filed for bankruptcy protectiom Monday, announced earlier Tuesday that a buyee had been found forthe off-road vehiclee line, the name was not immediateluy disclosed. Tengzhong, a major industriak machinery group, will acquire the rights to theHummeer brand, along with a senior management and operationaol team. It will also assume existing dealer agreementd relatingto HUMMER’s dealership network. It is contemplatedx that Tengzhong will, as part of the transaction, enter into a long-term contract assembly and key component and material supply agreemenytwith GM.
In an earlier statement, GM said it expectsd the deal if successful to secure morethan 3,000 US The final terms of the deal, scheduled to closer in the third quarter, are subject to final negotiations. The cost of the transactionj wasnot revealed. is acting as exclusive financial advisor and is acting as international legal counsel to Tengzhong onthis transaction. Citi is actinyg as financial advisorto GM.
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