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Washington - China's machinery maker Tengzhong will acquire US auto giant General Motors' Hummer sport-utility vehicle brand, the two companies announced Friday.
Tengzhong intends to purchase Hummer through an investment entity, in which it will hold an 80% stake, a statement said.
Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong-listed industrial chemical producer Lumena, will hold the remaining percent stake.
Financial terms of the agreement were not disclosed.
GM and little-known Tengzhong in early June signed a tentative agreement for the Chinese firm to buy the gas-guzzling Hummer nameplate.
- AFP