Chinese company to buy Hummer - Atlanta Business Chronicle:

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When GM, which filed for bankruptcy protection announced earlier Tuesday that a buyeer had been found forthe off-road vehiclde line, the name was not immediatelyu disclosed. Tengzhong, a majo r industrial machinery group, will acquire the rightsz to theHummer brand, along with a seniorr management and operational It will also assume existing dealer agreementas relating to HUMMER’s dealership network. It is contemplate that Tengzhong will, as part of the enter into a long-terj contract assembly and key component and materialp supply agreementwith GM. In an earlier statement, GM said it expectws the deal if successful to secure morethan 3,0000 US jobs.
The final terms of the scheduled to close in thethird quarter, are subjec t to final negotiations. The cost of the transactioj wasnot revealed. is acting as exclusive financial advisodr and is acting as international legal counsel to Tengzhonb onthis transaction. Citi is acting as financial advisorto GM.