CHINA: Coca-Cola, Huiyuan Juice talks ongoing
Coca-Cola has said that it remains in talks with Chinese regulatory authorities over its takeover bid for Huiyuan Juice Group.
Coca-Cola, announcing its third quarter results today (15 October), said regarding Huiyuan that it "continues to work with the local regulatory authorities to secure the necessary approvals".
The soft drinks giant has launched a US$2.4bn bid for Hong Kong-based Huiyuan, China's largest juice maker.
The bid represents one of the largest attempted foreign takeovers in China's history and, as such, is being seen as a test case for the country's newly introduced Anti-Monopoly Law.
Speculation has grown in Chinese media circles that several domestic drinks firms have approached competition authorities about a possible counter-bid.
Coca-Cola said volumes in China grew by 17% in the three months to 26 September, reflecting strong growth for the Coca-Cola, Sprite and Minute Maid brands, as well as the newly introduced Yuan Ye green tea.
The performance underlined the growing importance of emerging markets like China, in contrast with North America, where Coca-Cola reported a 2% revenue decline in the third quarter.
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