Coca-Cola’s Huiyuan Deal Goes Bust?
Just saw this in Shanghai Daily, I assume nothing has been corroborated yet:
FLASH: CHINA’S MINISTRY OF COMMERCE BLOCKS COCA-COLA’S BID FOR HUIYUAN JUICE
I guess the promise to spend a couple billion dollars on China FDI didn’t do the trick. Funny, that usually works quite well.
I’m sure there will be more info on this story as it develops today.
Update: Yep. The deal was rejected by MOC under anti-monopoly review:
China said on Wednesday that it has rejected a bid by the Coca-Cola Company to acquire one of the country’s biggest beverage makers for about $2.4 billion. The move blocked what would have been the biggest foreign takeover of a Chinese company and suggested Beijing is still uncomfortable with foreign ownership of big Chinese companies.
The New York Times, and everyone else, has a full rundown of the story.
