Dec 7 (Reuters) - Autocanada Inc ACQ.TO :
* AUTOCANADA REACHES AGREEMENTS WITH GM CANADA AND PRIESTNER
* AUTOCANADA INC - AUTOCANADA WILL RECEIVE A ONE-TIME NET PAYMENT OF APPROXIMATELY $23 MILLION FROM CANADAONE AUTO GROUP AS PART OF TRANSACTION
* AUTOCANADA INC - ANNOUNCED TWO NEW AGREEMENTS WITH GM CANADA
* AUTOCANADA INC - EXECUTED PUBLIC COMPANY MASTER AGREEMENT WITH GM CANADA THAT PERMITS AUTOCANADA'S DIRECT OWNERSHIP & CONTROL OF GM CANADA DEALERSHIPS
* AUTOCANADA - UNDER NEWLY NEGOTIATED DEALS, 5 DEALERSHIPS WILL BECOME MAJORITY OWNED & CONTROLLED BY AUTOCANADA & REMAINING 4 BY CANADAONE AUTO GROUP
* AUTOCANADA - UNDER TERMS OF PCMA, EACH GENERAL MANAGER IN AUTOCANADA/GM CANADA DEALERSHIP TO BE REQUIRED TO OWN MINORITY EQUITY POSITION IN DEALERSHIP