Source: Xinhua

03-19-2009 08:56

BEIJING, March 18 (Xinhua) -- Coca-Cola Company and Huiyuan Juice Group said Wednesday that they respect the decision of the Ministry of Commerce (MOC) to reject Coca-Cola's 2.3 billion U.S. dollar bid for China's largest juice maker.

Their statements came just hours after the MOC decision was announced.

"Huiyuan respects the decision made by the MOC. The group's production is normal for the time being," the group said in a statement to Xinhua. "Huiyuan will continue providing high-quality, safe and nutritious products to consumers."

The Coca-Cola Company said in a statement to media that, "We are disappointed, but we also respect the MOC's decision."

Nevertheless, Coca-Cola stressed confidence in its development on the Chinese market.

"We hold a long-term view of the China market, and are committed to ensuring that Chinese consumers have a wide variety of top quality beverage options available to them," said Muhtar Kent, President and Chief Executive Officer of the Coca-Cola Company, in the statement.

Huiyuan's shares on the Hong Kong stock market were down nearly 20 percent before being suspended Wednesday.

According a joint announcement made by the Coca-Cola Company and Huiyuan at the Hong Kong stock exchanges, an application has been made to require the resumption of trading in the Huiyuan Shares with effect from 9:30 a.m. on Thursday.

China's Ministry of Commerce (MOC) announced Wednesday morning that Coca-Cola's bid to acquire China Huiyuan Juice Group failed to meet the country's anti-monopoly law.

The MOC said on its Web site that the investigation, which "exactly followed relative laws and regulations," found the transaction may disturb market competition.