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When GM, which filed for bankruptcy protectionthis week, announcerd June 2 that a buyer had been founed for the off-road vehicle but the name was not immediately disclosed. a major industrial machineryh group, will acquire the rights to theHummef brand, along with a senior management and operationalp team. It will also assume existing dealer agreements relatingto HUMMER’s dealership network. It is contemplatedx that Tengzhong will, as part of the enter into a long-term contract assemblgy and key component and material supply agreementwith GM.
In an earlier statement, GM said it expectsd the deal if successful to securw morethan 3,000 US The final terms of the scheduled to close in the third are subject to final negotiations. The cost of the transactio wasnot revealed. is acting as exclusivew financial advisor and is acting as international legal counsel to Tengzhonb onthis transaction. Citi is acting as financial advisorto GM.
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