BEIJING AP – China defended its rejection of Coca-Cola Co.’s attempt to acquire a major Chinese fruit juice maker, denying Thursday the decision was protectionist.
The Commerce Ministry denied Coca-Cola’s $2.5 billion bid Wednesday to buy Huiyuan Juice Group, which would have been the biggest foreign acquisition of a Chinese company. Regulators cited concern the merger would hurt competition and raise prices, but industry analysts said Beijing wanted to keep a leading homegrown brand out of foreign hands.
