The Chinese MOFCOM blocks $2.4 billion acquisition of a leading Chinese juice producer by a foreign buyer (Coca-Cola / Huiyuan)

On March 18, MOFCOM announced that it had blocked Coca-Cola’s proposed $2.4 billion acquisition of China Huiyuan Juice Group, a leading Chinese juice producer. It is MOFCOM’s second reported merger decision under the recently enacted Anti-Monopoly Law (“AML”), which came into effect August 1, 2008 and the first true test of merger enforcement under the AML. (Under the AML, transactions exceeding certain thresholds must be notified to MOFCOM and cannot close until MOFCOM has either approved the transaction or a 30-day statutory waiting period has expired.) The decision is highly controversial and has sparked complaints in the United States and elsewhere that the AML is being used to block foreign investment. MOFCOM announced three primary reasons for its decision to

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Authors

  • White & Case (Beijing)
  • Mattel (Hong Kong)

Quotation

Christopher Corr, Patrick Ma, The Chinese MOFCOM blocks $2.4 billion acquisition of a leading Chinese juice producer by a foreign buyer (Coca-Cola / Huiyuan), 18 March 2009, e-Competitions Bulletin March 2009, Art. N° 36779

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