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Huiyuan says Coke deal still under govt review

(Agencies)
Updated: 2009-02-27 14:13

The chairman of China Huiyuan Juice Group, the country's top juice maker, said on Friday that Beijing was still reviewing Coca-Cola Co's proposal to acquire Huiyuan.

Related readings:  Coca-Cola waiting for green light from govt  Coca-Cola 'won't adjust Huiyuan offer' despite weak stock market  Coca-Cola's bid for Huiyuan under review

Huiyuan Chairman Zhu Xinli told a conference in Beijing that Coke's board supported the deal, although there was some internal opposition from some of Coke's board members.

"In light of the financial crisis, I asked Coke if their interest in the deal would change, and they said it would not," Zhu told reporters.

"But there are rising voices within (Coke's) board against the deal," he said, without elaborating.

Zhu said he would meet Coke executives next week to discuss the deal.

Huiyuan said in September that Coke would file an application for anti-trust approval in China for the company's $2.5 billion bid for Huiyuan for what would be the largest foreign takeover of a local firm.

Analysts and lawyers said the application would be closely watched as it was the first case to test the nascent law.