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Coca-Cola will seek gov clearance for deal-Huiyuan

Tue Sep 9, 2008 11:53pm EDT

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HONG KONG, Sept 10 (Reuters) - China Huiyuan Juice Group Ltd (1886.HK), the country's top juice maker, said Coca-Cola (KO.N) will apply for clearance from China's regulatory authorities for its takeover of the company.

Stocks  |  Mergers & Acquisitions  |  China

The comments were made by CFO Francis Ng at an earnings results press conference on Wednesday. Huiyuan will fully cooperate with Coca-Cola, Ng added.

Coca-Cola Co's (KO.N) $2.5 billion offer for the company will benefit all parties involved and the Chinese economy as a whole, Huiyuan said in a previous statment late on Tuesday.

The deal, the largest takeover in China by a foreign company, has met with some popular opposition and lawyers said political manoeuvring could threaten the deal. Those concerns have helped push the shares down by 17 percent following a huge rally on the day the dal was announced.

(Reporting by Alison Leung; Editing by Keiron Henderson)

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