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Coke anti-trust application files ready on Nov 19

(Xinhua)
Updated: 2008-12-05 18:58

China's Anti-monopoly Bureau head said Friday the files of Coke-Huiyuan juice deal required for anti-trust review was not complete until November 19, after which the review began.

The application was filed by Coca-Cola to the Ministry of Commerce in September, but the material was not up to requirement set out by the Anti-monopoly Law, Shang Ming told an online interview held by the government website.

Related readings:  Coca-Cola 'won't adjust Huiyuan offer'despite weak stock market  Coca-Cola's bid for Huiyuan under review  Move to stymie bid for Huiyuan  Ministry to hold hearing on Coke offer for Huiyuan

Coca-Cola submitted additional material in September and October, and the last one on November 19. By then it had provided complete information required by law, said Shang, director of the Anti-monopoly Bureau under the Ministry of Commerce.

Coca-Cola said earlier this week it will not revise its offer for China Huiyuan Juice Group Ltd despite the weak equities market.

In a joint statement to the Hong Kong Stock Exchange on December 2, the two companies said the Commerce Ministry review will continue until March 23, 2009.

Coca-Cola will make further announcements after the anti-trust review, Li said.

The offer has received support from more than 60 percent of Huiyuan's shareholders.

Coca-Cola said on September 3 it had offered to buy Huiyuan, the nation's largest juice maker, for HK$17.92 billion ($2.31 billion) in cash. The bid was HK$12.2 per share, tripling the Beijing-based company's closing price of HK$4.14 on September 2.

The acquisition was considered to be a major opportunity for the soft drink giant to expand its non-carbonated drinks market in China, as the sales of carbonated drinks slowed.

The offer triggered controversy as Chinese juice producers and consumers expressed concern about possible monopoly power and a renowned domestic brand becoming foreign owned.