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Coca-Cola fails with Huiyuan ambitions

20-Mar-2009

Related topics: Financial

Coca-Cola has announced that a proposed acquisition of the China-based juice manufacturer Huiyuan will not go ahead following failure to obtain approval from the China Ministry of Commerce (MOC).

Muhtar Kent, chief operating officer for the group, said that although it was disappointed with the decision of the Chinese authorities, which was reportedly linked to anti-monopoly concerns, Coca-Cola will continue to push its brands in the country.

"We will now focus all of our energies and expertise on growing our existing brands and continuing to innovate with new brands, including in the juice segment,” he stated. “Our recently opened $90m Global Technology and Innovation Centre in Shanghai will play a key role in bringing this innovation to life."

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