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Rejecting Coke will not hurt China M&A plans: official

(Agencies)
Updated: 2009-03-20 12:20

Chinese companies aiming to invest abroad will not face a backlash after Beijing rejected Coca-Cola's bid to buy the country's top juice maker, Huiyuan, China's deputy commerce minister, Chen Jian, said on Friday.

Related readings:  Should China clear the Coca Cola - Huiyuan deal?  Coke bid for juice maker turns sour  Huiyuan says Coke deal still under govt review

The rejection of Coca-Cola's proposed acquisition comes at a time when Chinese companies are ramping up their foreign acquisition plans, especially in the commodities sector.

Asked whether he was concerned about a backlash, Chen told reporters: "I am not worried."

Other countries "have their own anti-monopoly laws", he said. "They can act according to their laws."

China's commerce ministry rejected the Coke-Huiyan deal under an anti-monopoly law enacted last year, ruling that the combined concentration of the two companies would have hurt competition in the juice business.

The biggest Chinese overseas investment ever, State-owned Chinalco's planned $19.5 billion tie-up with miner Rio Tinto, is under review by the Australian government.

Political opposition to the deal has been mounting in Australia, with the country's Foreign Investment Review Board set to announce its conclusions on June 15.

Chen said that a lengthy review was to be expected, asking rhetorically: "For such a big M&A deal, does a delay of 90 days mean anything important?"