China Blocks Coca-Cola's (KO) $2.3B Takeover Of Huiyuan Juice
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The Coca-Cola Company (NYSE: KO) scraped its $2.3 billion takeover bid for China's Huiyuan Juice, after the China Ministry of Commerce (MOC) declined to approve the transaction saying it would be negative for competition.
Coke said while it is disappointed with the decision by China to block the deal, they are committed to China long-term. Coke said they will now focus their energies and expertise on growing existing brands and continuing to innovate with new brands, including in the juice segment.
Coca-Cola CEO Muhtar Kent said, "We are disappointed, but we also respect the MOC's decision."
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