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China Rejects Coca-Cola's Bid for Huiyuan Juice
The Ministry of Commerce on Wednesday blocked Coca-Cola's bid to buy China Huiyuan Juice Group, saying the planned purchase broke anti-monopoly laws. The MOC said the deal could disturb market competition.
The buy-up was the first major deal to test China's new anti-monopoly law, which took effect on August 1, 2008.
On September 3last year, Coca-Cola offered to buy Huiyuan, the nation's largest juice maker, for 17.92 billion HK dollars (2.3 billion U.S. dollars) in cash.
Coca-Cola said on March 6 it would invest more than 2 billion U.S. dollars over the next three years in China to build new bottling plants and distribution infrastructure.
(Source: Xinhua) | 
