Schaeffler Group Gave up LYC Acquisition

Resource from: cbcc-yinx Likes:2938

Aug 01,2006

July 27, journalists visited Luoyang Bearing Group(LBG) for the process of LYC's restructuring scheme. "At present, the case is rather complex. Schaeffler Group have cancelled the framework agreement in the middle July```" said Mr. Li, chairman secretary of Luoyang Bearing Group. As informed by LBG, Schaeffler insisted on deserting the LYC brand in the framework agreement, which the LBG and other authorities felt is impossible to agree with. As a result, Schaeffler quit the competitive acquisition contest. Review of Schaeffler's LYC Acquisition Plan: March 9, 2006 - Schaeffler delegation visited LBG, having a talk about the LYC Acquisition; May 30, 2006 - Schaeffler signed framework agreement of cooperation with LBG; According to the agreement, Schaeffler acquire whole Luoyang Bearing Group, including the Luoyang LYC Bearing Co.,Ltd by RMB110 million. Military, Zhongcheng Jinqie and Steel subsidiaries were not involved in. After being acquired, LYC brand will be deserted, new brand will be in use; Middle July, 2006 - Schaeffler and LBG disagreed with each other on the LYC brand issue, Schaeffler cancelled agreement.

(cbcc-yinx)

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