BIZCHINA> Top Biz News
|
Coke anti-trust application files ready on Nov 19
(Xinhua)
Updated: 2008-12-05 18:58 China's Anti-monopoly Bureau head said Friday the files of Coke-Huiyuan juice deal required for anti-trust review was not complete until November 19, after which the review began. The application was filed by Coca-Cola to the Ministry of Commerce in September, but the material was not up to requirement set out by the Anti-monopoly Law, Shang Ming told an online interview held by the government website.
Coca-Cola said earlier this week it will not revise its offer for China Huiyuan Juice Group Ltd despite the weak equities market. In a joint statement to the Hong Kong Stock Exchange on December 2, the two companies said the Commerce Ministry review will continue until March 23, 2009. Coca-Cola will make further announcements after the anti-trust review, Li said. The offer has received support from more than 60 percent of Huiyuan's shareholders. Coca-Cola said on September 3 it had offered to buy Huiyuan, the nation's largest juice maker, for HK$17.92 billion ($2.31 billion) in cash. The bid was HK$12.2 per share, tripling the Beijing-based company's closing price of HK$4.14 on September 2. The acquisition was considered to be a major opportunity for the soft drink giant to expand its non-carbonated drinks market in China, as the sales of carbonated drinks slowed. The offer triggered controversy as Chinese juice producers and consumers expressed concern about possible monopoly power and a renowned domestic brand becoming foreign owned. (For more biz stories, please visit Industries)
|