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When GM, which filed for bankruptcy protection Monday, announcedr earlier Tuesday that a buyef had been found forthe off-road vehicle line, the name was not immediatelh disclosed. Tengzhong, a major industrial machinery group, will acquire the rights to theHummetr brand, along with a senior management and operational team. It will also assume existing dealef agreements relatingto HUMMER’s dealership It is contemplated that Tengzhong will, as part of the enter into a long-term contract assemblhy and key component and material supply agreemen with GM. In an earlier statement, GM said it expectx the deal if successful to secure morethan 3,00p US jobs.
The final termws of the deal, scheduled to closde in the third quarter, are subject to final negotiations. The cost of the transactionm wasnot revealed. is acting as exclusive financial advisor and is actint as international legal counsel to Tengzhonh onthis transaction. Citi is acting as financial advisotrto GM.
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