Things go later with Coke, says bureau chief

The head of China's Anti-monopoly Bureau said in Beijing yesterday that the files of the Coke-Huiyuan juice deal required for anti-trust review were not complete until November 19, after which the review began.

The application was filed by Coca-Cola to the Ministry of Commerce in September, but the material was not up to requirement set out by the Anti-monopoly Law, Shang Ming said.

Coca-Cola submitted additional material in September and October, and the last one on November 19. By then it had provided complete information required by law, said Shang, director of the Anti-monopoly Bureau under the Ministry of Commerce.

Coca-Cola said earlier this week that it would not revise its offer for China Huiyuan Juice Group Ltd despite the weak equities market.

In a joint statement to the Hong Kong stock exchange on Tuesday, the two companies said the commerce ministry review would continue until March 23, next year.

The offer has received support from more than 60 percent of Huiyuan's shareholders.

Coca-Cola on September 3 said it had offered to buy Huiyuan, the nation's largest juice maker, for HK$17.92 billion (US$2.3 billion) in cash. The bid was HK$12.2 a share, triple the Beijing-based company's closing price of HK$4.14 on September 2.

Chinese juice producers and consumers expressed concern at possible monopoly power and a renowned domestic brand becoming foreign owned.