Word: huiyuan
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...nearly urbanize the population of the United States over the next 10 years.' I can be very assured that I can place my bets for the company." Of course, Jackson wasn't betting that Beijing would block Coke's proposed $2.4 billion acquisition of Chinese juicemaker Huiyuan, which would have been the largest sale to a foreign company in China's commercial history. But the Ministry of Commerce blocked the deal on antitrust grounds, saying the merger would give Coke too much control of the country's juice market...
Though the rejection was widely seen as both a defeat for Coke and a sign of growing protectionism in China, losing Huiyuan might not be all bad. "The regulator's decision spared Coke from overpaying for Huiyuan," says Swartzberg, the Stifel Nicolaus analyst. Now, says Jackson, Coke will build on its own. "Our 2020 goals are the same. We'll build rather than buy and move forward...
...joint venture, a Ministry of Commerce spokesman in Beijing said the proposal had "the obvious color of monopoly." China implemented a new antitrust law last year and has already used it once to block a high-profile foreign acquisition in China - Coca-Cola's planned buyout of juicemaker Huiyuan. The fact that the proposed Rio-BHP Billiton deal doesn't involve a Chinese firm is irrelevant. China's antitrust regulators have the same right to review the plans of two global companies as the E.U. did to bring antitrust charges against Microsoft in 2000. (See pictures of Chinese investment...
...boost Chinese consumers' spending. True, neither is necessarily bad news for foreign firms. It has, however, also meant an increasing reluctance to let U.S. companies call the shots in China. The most visible evidence of this was the denial in March of Coca-Cola's bid to buy juicemaker Huiyuan, but Bremmer says that's just the tip of the iceberg. "The ability of Western companies to do effective business in China over the next five years is going to be increasingly limited," he says...
...Beijing was plainly taking into account considerations other than market share. Huiyuan is a high-profile national brand, and its sale to Coke had become a hobbyhorse for nationalists who often dominate popular Internet chat rooms in China. Zhu Xingli, founder and CEO of Huiyuan, famously said that he had "raised the company like a son" but was "selling it like a pig" - that is, at the market, for the highest price available. Blogger Zhang Xianfeng retorted, "The problem with selling to a multinational company is that it's no longer Chinese deciding which part...