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Huiyuan in asset sale talks again

By Xiao Zhou (China Daily)
Updated: 2009-04-25 09:18

Stacks of Coca-Cola products on the shelves in a supermarket in Beijing. [CFP]

Shares of Hong Kong-listed China Huiyuan Juice surged over 13 percent on Friday on reports that Coca-Cola was in informal talks with the Chinese juice maker for a minority stake.

Discussions are under way for Coke to possibly acquire a minority stake in Huiyuan assets, Wall Street Journal reported on Thursday, citing an unidentified source.

"The talks include a range of options in hopes of a deal that will satisfy Chinese regulators," the source said, adding that after the deal collapsed there have been discussions in Beijing.

Both Coke and Huiyuan declined to comment on the rumors when reached by China Daily.

"We are now focusing all of our energies and expertise on growing our existing brands and continuing to innovate with new brands, including in the juice segment. Beyond that, it is our policy not to comment on speculation," Brenda Lee, vice-president, Coca-Cola China, said in a statement.

Huiyuan's spokeswoman Qu Bing also made a similar comment, saying that the company will concentrate on the juice business, and it was not in a position to discuss the matter presently.

China's Ministry of Commerce rejected Coke's full-takeover bid of $2.4 billion for Huiyuan in March under the country's anti-monopoly law effective since 2008, saying the deal could hamper competition in the domestic beverage market.

The deal would have been the largest acquisition for a Chinese company by a foreign firm.

"Coke and Huiyuan also have to get approval from the top regulator to avoid legal risks due to the possible monopoly concerns, even if it is a minority takeover," a lawyer from Chinese corporate law firm King&Wood said, adding that the new plan looks more likely to get the nod from the authorities.

Zhu Xinli, chairman, Huiyuan had earlier this month indicated that several other companies had approached him for partnerships, but the company has for now decided not to go for an outright sale.