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Beijing diesel generator Sanyuan Foods wins bid for Sanlu’s core assets
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Beijing Sanyuan Foods wins bid for Sanlu’s core assetsPublished: 05 Mar 2009 18:04:53 PST

Mar. 5, 2009 (China Knowledge) – Beijing Sanyuan Foods Co Ltd<600429> yesterday won the bidding for the core assets of the bankrupt Sanlu Group, the Shanghai Daily reported.

Beijing Sanyuan bought Sanlu Group, which was at the center of China’s milk powder scandal, at an auction Wednesday for RMB 616.5 million (US$90.1 million).

The Beijing-based dairy maker will acquire Sanlu Group’s land use rights, buildings, machinery, equipment and one of its subsidiaries, the Linhe Dairy, sources said.

China Mengniu Dairy Co Ltd<2319> and Inner Mongolia Yili Industrial Group Co<600887> didn’t participate in the bidding as the auction was open only to companies not involved in the melamine scandal.

Zhang Fuping, chairman of Beijing Sanyuan, said the acquisition will help improve the company’s product structure and boost output for future expansion.

Sanlu Group, which was at the center of a milk scandal last year, was officially declared bankrupt on Feb. 12.

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