Deals
Huiyuan Slides as $2.3 Billion Coca-Cola Bid Blocked
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China Huiyuan Juice Group Ltd. plunged by a record 53 percent in Hong Kong trading after Chinese regulators blocked Coca-Cola Co.’s $2.3 billion takeover bid for the country’s biggest domestic juicemaker.
Huiyuan traded as low as HK$3.88, below its level before Coca-Cola’s offer of HK$12.20 a share in September, after China’s Ministry of Commerce yesterday said the deal would have hurt competition in the nation’s drinks market. Huiyuan gained 149 percent from the time before the offer was made to the day before the ministry’s announcement.