DETROIT, July 16 (Reuters) — General Motors said on Monday that it was buying 50 percent of the Italian diesel engine maker VM Motori from Penske Corporation and would introduce a new high-performance V6 diesel engine built by VM Motori.

G.M. gave no financial details on the deal but said it had reached a joint venture agreement with Penske, a closely held transportation services company based in Bloomfield Hills, Mich., to purchase equity in VM Motori.

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