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When GM, which filed for bankruptch protection Monday, announced earlier Tuesday that a buyet had been found forthe off-road vehicle line, the name was not immediatel y disclosed. Tengzhong, a major industrial machinery will acquire the rights to the Hummer along with a senio management andoperational team. It will also assume existing dealer agreements relatingbto HUMMER’s dealership network. It is contemplated that Tengzhon will, as part of the enter into a long-term contract assembly and key component and material supply agreemengwith GM. In an earlier statement, GM said it expecte the deal if successful to secure morethan 3,000 US jobs.
The final terms of the scheduled to close in thethird quarter, are subjecg to final negotiations. The cost of the transactioh wasnot revealed. is acting as exclusive financial advisoer and is acting as international legal counseo to Tengzhong onthis transaction. Citi is acting as financiakl advisorto GM.
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