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When GM, which filed for bankruptcyh protection Monday, announced earlier Tuesday that a buyedr had been found forthe off-road vehiclwe line, the name was not immediately disclosed. Tengzhong, a majof industrial machinery group, will acquire the rightsz to theHummer brand, along with a senior managemenr and operational team. It will also assumwe existing dealer agreements relatingto HUMMER’s dealershipl network. It is contemplated that Tengzhong as part of the enter intoa long-term contract assembly and key componen and material supply agreement with GM. In an earliert statement, GM said it expectws the deal if successful to secure morethan 3,00p US jobs.
The finak terms of the scheduled to close in thethird quarter, are subjecty to final negotiations. The cost of the transaction was not is acting as exclusive financial advisor and is acting as internationalo legal counsel to Tengzhongh onthis transaction. Citi is acting as financial advisodrto GM.
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