Coca-Cola offers $2.4 billion for Chinese juicemaker Huiyuan

(Xinhua)
Updated: 2008-09-03 22:32

Atlanta-based Coke has been doing business in China since 1979. It was also a major sponsor of the 2008 Olympic Games.

"This acquisition will deliver value to our shareholders and provide a unique opportunity to strengthen our business in China, especially since the juice segment is so dynamic and fast-growing in China," Kent said.

Coca-Cola intends that initially, Huiyuan will continue to function as usual, while a review of its operations and synergies are undertaken.

"I am very pleased that the current chairman of the Huiyuan business, Zhu Xinli, has agreed to take up the role of honorary chairman. Both the Huiyuan business and Coca-Cola will benefit from his deep understanding of the beverage business in China," Kent said.

Qu Bing, the head of public affairs of the Huiyuan group in Beijing, declined comment when contacted by Xinhua, except to say: "The deal will not influence the manufacturing operations of Huiyuan."

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