April 6, 2009
Sanyuan not to participate in Sanlu's second auction
Sanyuan Group, a Beijing-based dairy producer, announced Saturday (Apr 4) that it would not compete in the auction of Sanlu Group's other assets.
The announcement was available at the website of Shanghai Stock Exchange, citing a decision adopted by Sanyuan's board of the directors on Friday (Apr 3). Sanyuan won a bid to buy Sanlu's core assets in the first auction on March 4.
Responsible for last year's contaminated milk scandal, Sanlu was declared bankrupt as it failed to repay outstanding debts.
Hebei Jiahai Auction Co Ltd said on March 21 that it would hold another auction for Sanlu's six other assets on April 7.
