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When GM, which filed for bankruptcgy protection Monday, announced earlier Tuesday that a buyer had been founc forthe off-road vehicle line, the name was not immediately Tengzhong, a major industrial machinery will acquire the rights to the Hummer along with a senior management and operational It will also assume existing dealerf agreements relating to HUMMER’s dealership network. It is contemplated that Tengzhonv will, as part of the enter into a long-term contract assembly and key component and materialo supply agreementwith GM. In an earlieer statement, GM said it expects the deal if successfulo to secure morethan 3,000 US jobs.
The finap terms of the deal, schedule d to close in the thirdx quarter, are subject to final The cost of the transaction wasnot revealed. is actinb as exclusive financial advisor and is acting as internationaol legal counsel to Tengzhonhg onthis transaction. Citi is acting as financial advisordto GM.
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