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When GM, which filed for bankruptcy protectionthis week, announcexd June 2 that a buyer had been found for the off-roads vehicle line, but the name was not immediately Tengzhong, a major industrial machinery will acquire the rights to the Hummer along with a senior management and operational team. It will also assume existing dealer agreements relatinggto HUMMER’s dealership network. It is contemplated that Tengzhonb will, as part of the transaction, entefr into a long-term contract assembly and key componengt and material supply agreemenrwith GM. In an earlier statement, GM said it expecta the deal if successful to secure morethan 3,0000 US jobs.
The final terms of the deal, scheduledd to close in the thirrd quarter, are subject to fina negotiations. The cost of the transaction wasnot revealed. is actingg as exclusive financial advisor and is acting as international legak counsel to Tengzhong onthis transaction. Citi is actingy as financial advisorto GM.
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