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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: China cans Coca-Cola bid for juice-maker AFP - Thursday, March 19 BEIJING (AFP) - - China said Wednesday it had rejected a bid by US soft-drink giant Coca-Cola to acquire the nation's top juice-maker, scuttling what would have been the biggest foreign takeover of a Chinese firm. ADVERTISEMENT The commerce ministry said it would not allow the 2.4-billion-dollar acquisition of Huiyuan because it would have had "a negative influence on competition." "Consumers would have been forced to accept higher prices and a smaller choice of products," the ministry said in a statement, just days before a deadline for issuing a verdict on the deal. It said Coca-Cola had made some adjustments to the planned deal in reaction to the ministry's concerns, but the changes had not been far-reaching enough. The purchase was seen as a major first test of how China would apply a new anti-monopoly law. Concerns had emerged that the law, in force since August, would be used to bar foreign enterprises from key sectors of the economy. "The juice industry is not a sensitive industry for the Chinese government, but it still doesn't want a foreign brand to own a major Chinese brand," said Renee Tai, a Hong Kong-based analyst with CIMB-GK Securities. Coca-Cola's plan to acquire Huiyuan attracted huge attention when it was announced last year. The juice-maker controls one of China's most recognisable brands and boasts about 40 percent of the domestic market in pure fruit juices. The Financial Times, when reporting earlier Wednesday that the deal might not materialise, said its collapse would be a "blow to multinational companies seeking to make acquisitions in China." After the newspaper's report, Hong Kong-listed shares in China Huiyuan Juice plunged 19 percent before being suspended, according to Dow Jones Newswires. "Huiyuan's shares are likely to drop sharply (after trading resumes)," said Hong Kong analyst Tai. The commerce ministry had until Monday to pass a verdict on the deal, after which Coca-Cola would have been entitled to renegotiate the conditions. When Coca-Cola's plans were first announced, they were met with a storm of criticism from sections of the Chinese public who were concerned about losing a valuable local brand to foreign buyers. Initial online reactions to the ministry's decision were overwhelmingly in favour of blocking the deal. "Great! We can go on drinking Huiyuan juice and supporting Chinese products while doing it! Good luck, Chinese enterprises! Long live China!" said one of the comments on the popular portal Sina.com. Huiyuan's rivals had also opposed the deal, arguing it threatened to force them out of business because Coca-Cola would take control a large share of the product distribution network, state media said. Coca-Cola has big ambitions for China, announcing this month it would invest two billion dollars in the Asian country over the next three years, separate from the Huiyuan deal, and compared with just 1.6 billion spent since 1979. Chinese regulators have been reluctant to approve some recent foreign acquisitions. Officials in the past have used delaying tactics to stop deals without formally rejecting them. In July, US private equity firm Carlyle Group abandoned an attempt to buy a stake in Chinese construction machinery maker Xugong Group after waiting three years for regulatory approval. There was no immediate reaction to the commerce ministry's decision Wednesday from either Coca-Cola or Huiyuan. However, the European Chamber of Commerce issued a statement calling for the government to allow more international investors into the Chinese market by easing restrictions, lowering barriers and allowing greater transparency. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific US hails Taiwan steps to improve China relationsAFP - 2 hours 15 minutes ago Bomb at Indian supermarket kills 2, injures 16AP - 2 hours 28 minutes ago Seoul rules out closing economic zone in NorthAP - 2 hours 53 minutes ago Afghan leader warns against international meddlingAP - Thursday, March 19 China PM talks nuclear with NKorea premierAFP - 1 hour 48 minutes ago Enlarge Photo China cans Coca-Cola bid for juice-maker Most Popular – Asia Pacific Viewed AIG storm rages in Washington Injured actress Richardson flown to US: hospital Miniature carnivore dinosaurs roamed North America Arrest warrant issued for Lindsay Lohan For sale: nagging wife, very high maintenance View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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