Global meltdown pushing countries to do what is perceived as irrational behavior, new China has picked a strange time to lay down a marker in defense of economic nationalism – and an even stranger industry in which to do it. Amid a global recession, with Beijing’s state-owned companies fanning out across the globe trying to invest in or buy foreign producers of minerals, precious metals, oil and gas, China’s Ministry of Commerce on March 18 formally blocked what would have been the largest acquisition by a foreign company in China, a $2.4 billion deal.
The denied suitor: Coca-Cola, the iconic American brand that has 35 beverage factories in China, producing everything from soft drinks to milk tea. The industry in question: the fruit-juice business, heretofore never thought of as strategically vital in China or anywhere else.
Coke on Sept. 3 announced a deal to buy Beijing-based Huiyuan Juice Group, a privately owned company started by a Chinese entrepreneur 17 years ago. Huiyuan, whose stock is traded on the Hong Kong exchange, is the largest producer of pure orange juice in the country, with over 40% of the market. Although Huiyuan’s founders and major shareholders endorsed the sale, the government blocked it on antitrust grounds, arguing that the acquisition would have hurt small orange-juice producers in China and led to higher prices for consumers.
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