Official: Coco-Cola anti-trust application files not complete until Nov. 19
www.chinaview.cn 2008-12-05 14:42:20   Print

    BEIJING, Dec. 5 (Xinhua) -- China's Anti-monopoly Bureau head said here Friday the files of Coke-Huiyuan juice deal required for anti-trust review was not complete until Nov. 19, after which the review began.

    The application was filed by Coco-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.

    Coco-Cola submitted additional material in September and October, and the last one on Nov. 19. By then it had provided complete information required by law, said Shang, director of the Anti-monopoly Bureau under the Ministry of Commerce.

    Coca-Cola Co. 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 Dec. 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 Sept. 3 it had offered to buy Huiyuan, the nation's largest juice maker, for 17.92 billion Kong Kong dollars (2.3 billion U.S. dollars) in cash. The bid was 12.2 HK dollars per share, tripling the Beijing-based company's closing price of 4.14 HK dollars on Sept. 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.

Editor: Chris
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