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China insists on principle of market economy on Huiyuan takeover

(Xinhua)
Updated: 2008-09-10 20:52

Any concentration should be reviewed when it has a global trade volume of 10 billion yuan (about US$1.46 billion) and the total domestic trade volume of the two sides exceeds 400 million yuan in the previous financial year, according to the Anti-monopoly Law of the People's Republic of China implemented on August 1, and the Guidelines on Anti-monopoly Filings for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors issued in March last year.

The examination should happen when the total trade volume of all the related companies exceeded 2 billion yuan in the last financial year and the trade volume of the two sides in China exceeded 400 million yuan.

The law was welcomed by senior leaders of the American Chamber of Commerce in Shanghai. Coca-Cola was one of its members.

"Frankly, we welcome the new anti-monopoly law as it brings transparency to acquisition cases in China. We welcome the transparency," said AmCham chairman Norwell Coquillard at the Xiamen Fair.

"We understand the environment we invest in. We had estimated the market share of Huiyuan and Coca-Cola, which had reach the criterion, so we understand it has to be done," said Norwell, also the Cargill Investment (China) Ltd president.

Since the antitrust law was a new law, Coca-Cola's case would test the regulations, he noted.

His view was shared by Coca-Cola's Li. "Accurate laws clarify the investors concept of the procedures. It could also help to create a healthier investment environment and encourage more foreign investment."

The case would also help China to detail the law for future protection of some important domestic markets, said Li Fei, a Xiamen University economics professor.

The acquisition was considered to be a big step for the soft drink giant to explore its non-carbonated drinks market in China when the rate of carbonated drinks share had slowed.

Last year, Coca-Cola launched its Minute Maid juice brand in China as part of its expansion into the nation's fruit and vegetable drinks business. The category was valued at US$10.6 billion in 2007, while carbonated drinks were US$7.4 billion, according to Euromonitor figures.

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