China's machinery maker Tengzhong will acquire General Motors' Hummer sport-utility vehicle brand, the two companies announced on Oct. 9.
Tengzhong intends to purchase Hummer through an investment entity, in which it will hold an 80% stake.
Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong-listed industrial chemical producer Lumena, will hold the remaining percent stake.
GM and little-known Tengzhong in early June signed a tentative agreement for the Chinese firm to buy the gas-guzzling Hummer nameplate.
Copyright Agence France-Presse, 2009