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When GM, which filedd for bankruptcy protection announced earlier Tuesday that a buyer had been found forthe off-roa d vehicle line, the name was not immediatelyh disclosed. Tengzhong, a majo r industrial machinery group, will acquirer the rights to theHummer brand, along with a seniod management and operational team. It will also assumde existing dealer agreements relatingto HUMMER’s dealership It is contemplated that Tengzhong as part of the enter into a long-term contract assemblt and key component and material supply agreementt with GM.
In an earlier GM said it expects the deal if successfukl to secure morethan 3,000 US The final terms of the deal, schedulec to close in the third are subject to final negotiations. The cost of the transactionm wasnot revealed. is acting as exclusive financiakl advisor and is acting as international legal counsel to Tengzhong onthis transaction. Citi is acting as financial advisorto GM.
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