CHINA: Huiyuan Juice Group courts fresh suitors - report
Huiyuan Juice Group has reportedly been approached by new potential suitors, after China's Ministry of Commerce blocked Coca-Cola CO's US$2.4bn takeover bid for the firm.
Huiyuan vice president and CFO told journalists in Beijing yesterday (14 April) that the juice firm has received interest from other parties, according to a Dow Jones report.
Last month, China cited competition concerns to block Coca-Cola's takeover of Huiyuan, which controls around 42% of the Chinese juice market.
Huiyuan announced yesterday that turnover for the 12 months of 2008 rose by 6.2% to RMB2.8bn (US$409.8m). Net profits, however, dived by 86% to RMB88.9m, compared to RMB640.2m in 2007.
The Hong Kong-based group said in its outlook that its strategic development plan remains unchanged, despite the failure of the Coca-Cola deal.
It said that it plans to expand production capacity, launch new products on the market and "look[s] forward to the day when Huiyuan enters into the international market as a renowned brand originating from China".
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