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.