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Huiyuan says not aware of change in Coke offer

(Agencies)
Updated: 2009-03-03 14:40

China Huiyuan Juice Group, the country's top juice maker, said it was not aware of any changes in Coca-Cola Co's $2.5 billion bid for the company and said the US company would be obliged to make the offer if pre-conditions are met.

Related readings:  Huiyuan says Coke deal still under govt review  Coca-Cola waiting for green light from govt  Coca-Cola 'won't adjust Huiyuan offer'despite weak stock market  Coca-Cola seeks anti-trust nod for Huiyuan deal

Shares of Huiyuan rose 2.6 percent to HK$9.2 on Tuesday but were still about a quarter below Coca-Cola's offer of HK$12.2 each, a sign that investors are concerned about the takeover offer could face trouble.

If the bid is successful, it would be the largest acquisition of a Chinese firm by a foreign rival.

Huiyuan chairman Zhu Xuinli said on Friday that Coke's board supported the deal but there was internal opposition from some of Coca-Cola's board members.

The company late on Monday aimed to clarify Zhu's statements.

"In response to such statements, the company wishes to state that the company is not aware of the views of any of the directors of the Coca-Cola Company with respect to the offers," Huiyuan said in a statement.

"The company has not received any notification of any change in the terms of the offers," the juice maker added.

The Coca-Cola's wholly owned Atlantic Industries will be obliged to make the offers if the pre-condition of obtaining antitrust approval on the mainland is satisfied before March 23, the company said.

China's anti-trust regulators are still reviewing the bid for Huiyuan, which was proposed last September. Both Huiyuan and Coke are awaiting government approval.