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Ministry: Disapproval on Coke acquisition not trade protectionism

(Xinhua)
Updated: 2009-03-19 16:42

China's disapproval on Coca-Cola's acquisition of Huiyuan Juice Group is not trade protectionism, said the Ministry of Commerce spokesman on Thursday.

Ministry spokesman Yao Jian told Xinhua that this decision would not affect China's policy in absorbing foreign investment.

Related readings:  China rejects Coke bid to buy major juice maker  Coke bid for juice maker turns sour  Coca-Cola 'won't adjust Huiyuan offer' despite weak stock market  Consultant on the Coke-Huiyuan deal and global M&A

Yao said the ministry made the decision based "on sufficient investigation and research, on the basis of facts, and strictly in line with the country's anti-monopoly law".

He said countries worldwide commonly reviewed acquisition activities under anti-monopoly laws, and China was no exception.

"The purpose of the examination is to maintain market competition, protect consumers and safeguard the public interest," he said.

The Chinese government would continue to actively accept foreign investment, enhance "opening up", and provide foreign investors with a good investment environment.

Foreign Ministry spokesman Qin Gang echoed Yao's comments, saying the rejection of Coca-Cola's bid for Huiyuan was in no way protectionism.

"Products of the Coca-Cola company are available anywhere in China's market. The country's market is fully open to foreign companies," said Qin.

The Ministry of Commerce announced on Wednesday that Coca-Cola's bid to acquire China Huiyuan Juice Group failed to meet requirements set out in the anti-monopoly law.