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Sanyuan acquires Sanlu shares

(China Daily)
Updated: 2009-04-10 07:41

Beijing-based Sanyuan Group successfully bid 49 million yuan ($7.2 million) yesterday to buy a 95-percent stake in the Sanlu (Shandong) dairy company, previously owned by the Sanlu Group, the bankrupt dairy firm at the center of the melamine contamination scandal.

The shares were auctioned in the northern city of Shijiazhuang, capital of Hebei province, according to sources with the Hebei Jiahai Auction Co Ltd.

Four companies participated in the auction, which started at 10 am, with an opening bid of 33 million yuan.

Related readings:  Sanyuan pays 49m yuan for bankrupt Sanlu milk producer  Sanyuan skips second Sanlu auction  Sanyuan nets Sanlu assets for 616m yuan  Sanyuan wins bidding of Sanlu with 616.5m yuan

Sanlu Group, which was based in Shijiazhuang, had been China's leading seller of milk powder for 15 years until the melamine scandal broke in September last year.

"The company is happy with the result," said a representative of Sanyuan after the auction. He refused to comment further.

Sanlu (Shandong), which was set up in 2006, specializes in making and selling liquid milk products. The company changed its name to Shandong Ecological Pasture Co Ltd in October last year.

The other three bidders were Beijing investment consultancy Tongde Tongyi, a Hebei food company Xiangyao, and Wandashan dairy company in northeast Heilongjiang province.

Sanyuan Group successfully bid 616.5 million yuan to buy Sanlu's core assets on March 4. Sanlu Group's revenue hit 10 billion yuan in 2007, when Sanyuan's revenue was only 1 billion yuan.