March 18 (Bloomberg) -- Coca-Cola Co. may scrap its $2.3 billion bid for China Huiyuan Juice Group Ltd., the Financial Times reported, sending shares of the Chinese drinks maker plunging by a record 19 percent.
China’s Ministry of Commerce doesn’t want Coca-Cola to acquire the brand rights of Huiyuan, the report said, citing unidentified people familiar with the situation. The transaction would be the biggest foreign takeover of a Chinese company and is the second-largest scrutinized by the ministry since an anti- monopoly law took effect on Aug. 1.
Read full article [Bloomberg]
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