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Schaeffler's acquisition of Luoyang Bearing Group stranded

Lory From GAS| January 19 , 2007 17:49 BJT

The reporter learned that Schaeffler Group, Germany most powerful company, was stranded officially in the acquisition of Luoyang bearing Group Co,.Ltd (as "Luoyang bearing Group" below). It is also said that Luoyang Bearing Group contacted China Arms industrial Group, which is not confirmed by Luoyang Bearing Group. If two sides can't reach any fruit in the negotiation, the successor will turn back to Yong city coal-electricity Co., Ltd. Top members of Schaeffler are ready to accept the failure of negotiation though they are trying their last efforts.

There is seemingly no enough time for Luoyang Bearing Group. If it can't settle down the issue of joint venture, bankruptcy is the only way to solve the problem of debts, which is not the expectation of administration of Luoyang city and Luoyang Bering Group. Currently, Luoyang Bearing Group owes 13 creditors including banks 154,3 million. All the creditors sued Luoyang Bearing Group for the debt issue successively from Feb, 2006 and applied to freeze the land and other properties of it. State property administration commission of Luoyang city announced that the bank was ordered to freeze the properties of Luoyang Bearing Group.

Getting a new partner out of plight is the only way for survival and development of Luoyang Bearing Group.

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