Coca-Cola makes offer for Huiyuan Juice Group
September 03, 2008
by FoodBusinessNews.net Staff
HONG KONG — The Coca-Cola Co. intends to make cash offers to buy China Huiyuan Juice Group Ltd. Huiyuan Juice is a company listed in Hong Kong that owns the Huiyuan Juice business throughout China.
"Huiyuan is a long-established and successful juice brand in China and is highly complementary to the Coca-Cola China business," said Muhtar Kent, president and chief executive officer of Coca-Cola. "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. It is also further evidence of our deep commitment to China and to providing Chinese consumers with the beverage choices that meet their needs."
Coca-Cola has offered HK$12.20 ($1.56) per share and an equivalent price for outstanding convertible bonds and options. The offers are subject to Chinese regulatory approvals. The transaction is valued at about $2.4 billion.