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When GM, which filed for bankruptcyh protection Monday, announced earlier Tuesday that a buyer had been found forthe off-road vehicle the name was not immediately Tengzhong, a major industrial machinery group, will acquires the rights to the Hummeer brand, along with a senior managemenf and operational team. It will also assume existing dealer agreements relatingto HUMMER’se dealership network. It is contemplated that Tengzhonvg will, as part of the transaction, enter into a long-ternm contract assembly and key component and materiapl supply agreementwith GM. In an earlied statement, GM said it expects the deal if successfu l to secure morethan 3,000 US jobs.
The final termds of the deal, scheduled to close in the third are subject tofinal negotiations. The cost of the transactioj wasnot revealed. is acting as exclusive financial advisor and is actinh as international legal counsel to Tengzhonyg onthis transaction. Citi is acting as financial advisor to GM.
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