Chinese firms try to block Coke's juice company takeover: report

0 Comments | AFP, September, 2008

SHANGHAI (AFP) — A group of Chinese drinks makers are to submit plans to the government they hope will block Coca-Cola's takeover of China Huiyuan Juice Group, state media reported Monday.

A consortium has prepared three plans and handed them to the Ministry of Commerce to keep the Huiyuan brand in Chinese hands, the Beijing Morning Post reported, citing an unidentified official at one of the companies.

The ministry says it will review the proposed 2.4 billion-dollar friendly takeover of the Hong Kong-listed company, according to the principles of a market-oriented economy.

If approved, the takeover would be the largest by a foreign firm of a Chinese company and Coca-Cola's second largest acquisition ever.

Commerce ministry officials were not...