China's Lanxing Formally Gives up Bid for Ssangyong Motor

SEOUL, March 29, 2004; Yonhap news reported that China's Lanxing Group formally announced its decision Monday to pull out of the bidding for South Korea's Ssangyong Motor Co.

In a brief statement released by its South Korean financial adviser, Lanxing said it has finally decided to give up its bid for Ssangyong, following Ssangyong creditors' decision last week to cancel its priority bidder status.