Schaeffler Group, State Provisions and LBG

Resource from: cbcc-yinx Likes:2936

Aug 18,2006

Schaeffler Group, State Provisions and LBG August 8, Ministry of Commerce, State-owned Assets Supervision & Administration Commission of the State Council, State Administration of Taxation, State Administration for Industry & Commerce, China Securities Regulatory Commission, State Administration of Foreign Exchange, altogether published the "Provisions on Foreign Enterprises Acquire Inbound Enterprises". The Provisions stipulated that the foreign enterprise should submit application to Ministry of Commerce, if they want to get control of inbound enterprises through acquisition which may threaten economic security of China. Besides, foreign enterprises have to face inspection by Ministry of Commerce, if their specific market share grow to 25% as a result of the acquisition. The latter one is to prevent monopoly. According to the above two provisions, if Schaeffler Group want to continue their acquisition plan, they have to submit application and face inspection against Ministry of Commerce. Because, Luoyang Bearing Group is regarded as an enterprises, having not only links with national economic security, but over 30% market shares of railway bearings. On Luoyang Bearing's future, what we can do is just wait-and-see.

(cbcc-yinx)

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