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Article: China rejects Coke bid for juice maker
- Article from:
- AP Worldstream
- Article date:
- March 18, 2009
- Author:
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China denied Coca-Cola Co.'s closely watched $2.5 billion bid to buy a major Chinese juice producer Wednesday, highlighting Beijing's rejection of foreign control over its top companies even as they step up acquisitions abroad.
The refusal to allow the foreign acquisition in a non-strategic business such as fruit juice could backfire abroad as state-owned Chinese companies pursue investments in mining and other sensitive industries.
Coca-Cola's acquisition of Huiyuan Juice Group Ltd. was rejected because it would reduce competition and raise prices, the Commerce Ministry said. But the bid also provoked an outcry from nationalists who opposed letting a successful Chinese ...