2009/3/19　日本経済新聞

米コカ･コーラの果汁大手買収　中国政府認めず　独禁法の施行後初

　中国商務省は18日、米コカ・コーラによる中国最大の果汁メーカー、中国匯源(フイユエン)果汁集団（北京市)の買収を認めないと発表した。昨年8月に施行された中国の独占禁止法で初めての不認可となった。中国では「外資から国内企業を守るべきだ」との声が高まっており、外資の買収戦略にも影響を与えそうだ。
　商務省は「コカ・コーラが炭酸飲料市場での高いシェアを利用し果汁飲料の抱き合わせ販売などが可能になる」と指摘。「消費者の購入価格が高くなり、ほかのメーカーを圧迫する恐れが生じる」とした。英調査会社ユーロモニターによると、コカ・コーラの中国での炭酸飲料の市場シェア(販売量べ-ス)は52.5%に達する。
　コカ・コーラは昨年9月、外資による中国企業の買収では最大となる196億香港ドル(2500億円)の買収を正式に提案。匯源も受け入れる方針だったが、国内では「中国ブランドが外資に買収されるのは問題だ」と反発が強まった。
　コカ・コーラの中国法人は18日夜、「商務省の決定を尊重する」とのコメントを発表し、買収を断念する考えを示した。匯源も当面、単独での事業展開を進める方針を明らかにした。

March 18, 2009 Coca Cola

ACQUISITION OF HUIYUAN JUICE GROUP IN CHINA NOT TO PROCEED

As a result of the decision of the China Ministry of Commerce (MOC) to decline approval for the proposed purchase of the Huiyuan Juice business, The Coca-Cola Company said today that it will not be able to proceed with the acquisition.

"We are disappointed, but we also respect the MOC's decision," said Mr. Muhtar Kent, President and Chief Executive Officer of The Coca-Cola Company.

"We put a tremendous effort into providing all the relevant materials to the MOC to ensure that they had all the information available and understood the transaction," Mr. Kent said. "We were looking forward to working with the excellent Huiyuan team to stimulate new growth for the Huiyuan brand."

"We will now focus all of our energies and expertise on growing our existing brands and continuing to innovate with new brands, including in the juice segment. Our recently opened USD 90 million Global Technology and Innovation Centre in Shanghai will play a key role in bringing this innovation to life," Mr. Kent said. "We hold a long-term view of the China market, and are committed to ensuring that Chinese consumers have a wide variety of top quality beverage options available to them."

Coca-Cola recently announced its commitment to invest USD 2 billion in China over the next three years in new plant and distribution infrastructure, sales and marketing, and R&D. This is in addition to the USD 1.6 billion already invested in China since the Company's return in 1979.

"We will also continue our community investments in China. Whether it is working with Project Hope to help build schools and libraries across China, or working with educators to construct technology and multimedia centers for Chinese schools, or partnering with Government authorities to promote environmental education, or the World Wildlife Fund to help conserve and protect China's precious water resources ? we are firmly committed to a sustainable and prosperous future for all of China."

September 3, 2008

THE COCA-COLA COMPANY OFFERS TO BUY HUIYUAN JUICE GROUP

The Coca-Cola Company announced today its intention to make cash offers to purchase China Huiyuan Juice Group Limited, a Hong Kong listed company which owns the Huiyuan juice business throughout China.

The Coca-Cola business in China has been operating since 1979 and is well known for its sparkling beverage brands such as Coca-Cola, Sprite and Fanta. In the last few years, the Company has also introduced a number of still (無炭酸の)beverage brands, including Guo Li Chen (Minute Maid Pulpy) and Yuan Ye (Original Leaf Tea), with the objective of offering consumers a wide range of beverage choices. In line with this, the Company is seeking to further develop its beverage business through this acquisition.

"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 CEO of The Coca-Cola Company.

"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," Mr Kent said.

If successful with the offers, the Company will use its expertise as a global beverage company to further develop the Huiyuan brand to address the evolving needs of consumers. There are anticipated synergies that will drive operational efficiencies, particularly in the Huiyuan business' production footprint and in Coca-Cola's distribution and raw material purchasing capabilities.

The making of the offers is subject to preconditions relating to Chinese regulatory approvals.

The Coca-Cola Company intends that the Huiyuan business will continue to carry on its business, while reviewing its operations and synergies over time.

"I am very pleased that the current Chairman of the Huiyuan business, Mr. Zhu, has agreed to take up the role as Honorary Chairman. Both the Huiyuan business and The Coca-Cola Company will benefit from his deep understanding of the beverage business in China, as well as his on-going experience and advice," Mr. Kent said. "We are strongly committed to building on the Huiyuan business' current brand, improving the utilization of its fixed assets and enhancing opportunities for employees of the Huiyuan business."

The Coca-Cola Company is offering HK$12.20 per share, and an equivalent price for outstanding convertible bonds and options.

The Company has accepted irrevocable undertakings from three shareholders for acceptance of the offers, in aggregate representing approximately 66 percent of the Huiyuan shares.

Assuming full acceptance of the offers, the deal is valued at approximately US$2.4billion. The transaction is expected to be dilutive to the Company's earnings per share by $0.03 to $0.04 in the first full year following completion of the acquisition and accretive to earnings per share in year 3 after completion.

The Company now expects to repurchase a total of $1 billion of its stock for the full year.

March 18、2009 (Bloomberg)

Coca-Cola Rejection by China Means Growing Hard Way

China’s rejection of Coca-Cola Co.’s $2.3 billion bid to buy the country’s largest juice maker leaves the company to compete with PepsiCo Inc. the hard way, by building sales of existing products.

China’s Ministry of Commerce barred Coca-Cola’s purchase of China Huiyuan Juice Group Ltd., saying it might have used its “dominant position” to push up prices and limit choices for consumers. Coca-Cola would have roughly doubled its juice market share with the deal, said Jason Pride, director of research for Haverford Investments.

“It would have given them better access to China when they are going head-to-head with Pepsi,” said Pride, whose Radnor, Pennsylvania-based firm has $5 billion of assets under management including shares of Coca-Cola and PepsiCo. “It slows Coca-Cola down in China.”

Coca-Cola and PepsiCo are in a race to buy juice and dairy-beverage brands in developing countries to diversify beyond soft drinks and win customers by catering to local tastes. PepsiCo and its chief bottler agreed last year to pay $1.4 billion for a 75.5 percent stake in Russia’s largest juice maker, OAO Lebedyansky and are seeking to buy the rest.

Coca-Cola, based in Atlanta, controlled 52.5 percent of the Chinese soda market by volume in 2008, compared with PepsiCo’s 33 percent, according to market research company Euromonitor. Coca-Cola had 12 percent of the fruit- and vegetable-juice market, while Huiyuan had an 8.5 percent share. The Chinese beverage company controlled 33 percent of the nation’s pure-juice market.

“We will now focus all of our energies and expertise on growing our existing brands and continuing to innovate with new brands, including in the juice segment,” Chief Executive Officer Muhtar Kent said today in a statement.

Pulpy Orange

Minute Maid Pulpy Orange is one of Coca-Cola’s best-selling juice drinks in China, where it was developed before being introduced in 2004. Sales were expanded to India in 2007.

Coca-Cola plans to invest $2 billion in China over the next three years as part of its attempt to win more of the nation’s 1.3 billion consumers, it said this month.

The investment plan includes a $90 million technology center that opened in Shanghai March 6. Coca-Cola’s proposed investment is 25 percent more than the $1.6 billion it has spent in China since returning in 1979.

China’s denial of the acquisition is the first under an anti-monopoly law that’s been criticized for a lack of openness.

“Having two companies with way under 25 percent market share come together and try to make efficiencies is not anti-competitive,” Pride said. “Protectionism is an evil beast that destroys overall global economic prospects.”

Coca-Cola rose 20 cents to $41.65 at 4 p.m. in New York Stock Exchange composite trading. The shares have declined 8 percent this year. PepsiCo climbed 22 cents to $49.47.

March 18, 2009 (Xinhua)

Coca-Cola, juice maker Huiyuan both "respect" Chinese gov't rejection of purchase bid

Coca-Cola Company and Huiyuan Juice Group said Wednesday that they respect the decision of the Ministry of Commerce (MOC) to reject Coca-Cola's 2.3 billion U.S. dollar bid for China's largest juice maker.

Their statements came just hours after the MOC decision was announced.

"Huiyuan respects the decision made by the MOC. The group's production is normal for the time being," the group said in a statement to Xinhua. "Huiyuan will continue providing high-quality, safe and nutritious products to consumers."

The Coca-Cola Company said in a statement to media that, "We are disappointed, but we also respect the MOC's decision."

Nevertheless, Coca-Cola stressed confidence in its development on the Chinese market.

"We hold a long-term view of the China market, and are committed to ensuring that Chinese consumers have a wide variety of top quality beverage options available to them," said Muhtar Kent, President and Chief Executive Officer of the Coca-Cola Company, in the statement.

Huiyuan's shares on the Hong Kong stock market were down nearly 20 percent before being suspended Wednesday.

According a joint announcement made by the Coca-Cola Company and Huiyuan at the Hong Kong stock exchanges, an application has been made to require the resumption of trading in the Huiyuan Shares with effect from 9:30 a.m. on Thursday.

China's Ministry of Commerce (MOC) announced Wednesday morning that Coca-Cola's bid to acquire China Huiyuan Juice Group failed to meet the country's anti-monopoly law.

The MOC said on its Web site that the investigation, which "exactly followed relative laws and regulations," found the transaction may disturb market competition.

"If the acquisition of Huiyuan went into effect, Coca-Cola was very likely to take a dominating position in the domestic market and the consumers may have to accept the high price fixed by the company as they don't have more choices," the statement of the MOC said.

Kent claimed that Coca-Cola had "put a tremendous effort" to help MOC have a clear understanding of the acquisition during the application process, and that the company had been hoping to stimulate growth for the Huiyuan brand.

Coca-Cola applied anti-trust investigation to the MOC in September. The MOC officially launched the investigation on Nov. 11 to determine whether the acquisition of Huiyuan would harm other rivals and consumers rights or hamper technological development.

The acquisition of Huiyuan was the first major deal to test China's new anti-monopoly law, which took effect on Aug. 1, 2008.

The MOC's statement said it has communicated with Coca-Cola several times and suggested it to make changes in the acquisition document so that it would not disturb market competition. Coca Cola has not yet satisfied request.

Experts said the decision to reject Coca Cola's acquisition will cost the world's largest soft drink maker the opportunity to increase its shares of China's juice market by more than 20 percent.

The company saw its business in china grew 19 percent in 2008 and has listed China as its third largest market in the world.

"We will now focus all of our energies and expertise on growing our existing brands and continuing to innovate with new brands, including in the juice segment," Kent said.

Zhang Junsheng, an economics professor at the University of International Business and Economics said this decision aims to maintain competition and avoid potential hostile competition.

"This move will help both domestic and overseas juice makers to compete fairly, and is good for the development of the companies in the long run," he said.

Coca-Cola offered to buy Huiyuan, the nation's largest juice maker, for 17.92 billion Kong Kong dollars (2.3 billion U.S. dollars) in cash on Sept. 3.