China's beverage king denies plans to buy AC Milan

HANGZHOU - China's leading drinks maker Hangzhou Wahaha Group has denied rumors that the company is planning to buy Italy's AC Milan club.

Zong Qinghou, the billionaire chairman of the company, said Italian media reports that he was planning to buy up to 75 percent of the Italian club was "an April 1 joke".

Zong, worth an estimated $19 billion, said he had no plan to follow Wanda's footsteps into European soccer.

AC Milan is currently controlled by Italy's former prime minister Silvio Berlusconi.

Wanda Group, owned by Wang Jianlin, has become the official owner of 20 percent stake at Spanish La Liga champions Atletico Madrid on Tuesday.

Tech Pro Technology Development company, a Hong Kong listed electrical components manufacturer, is in the middle of negotiation to buy French club Sochaux from the Peugeot car company.