Coca-Cola:Not Able To Pursue Huiyuan Buy After China Decision

Coca-Cola Co. (KO) said Wednesday it won't be able to proceed with its proposed acquisition of China Huiyuan Juice Group Ltd. ( 1886.HK) after Beijing rejected the deal.

China's Ministry of Commerce earlier Wednesday rejected Coca-Cola's $2.4 billion bid to acquire one of China's largest juice makers, saying the deal - which would have been the largest-ever foreign takeover of a Chinese company - would hurt competition.

"We are disappointed, but we also respect the MOC's decision," Muhtar Kent, president and chief executive of Coca-Cola, said in a statement.

He said Coca-Cola will focus on growing its existing brands in China and that its long-term commitment to the local market will continue.

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- Posted: 2009-03-18 08:16:05

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