中文

知情人士表示，可口可乐(Coca-Cola)可能会放弃24亿美元收购中国领先果汁品牌汇源果汁(Huiyuan Juice)的计划，此前反垄断机构表示，收购后，可口可乐必须放弃中国汇源果汁这一品牌。

该拟议中的交易是迄今规模最大的外资对中国企业的并购案，也是对中国新的反垄断机制的首次重大考验。去年8月，该机制被赋予更多权力。如果交易失败，将对那些寻求在华并购的跨国企业构成打击。

自该交易于去年9月宣布以来，中国监管机构一直在评估这笔交易的反垄断影响。最近，该机构告知可口可乐，批准取决于一系列条件。

知情人士表示，中国商务部不希望可口可乐获得汇源的商标权。汇源是一家香港上市公司，据称占有中国国内纯果汁市场42%的份额。

一些人认为这一要求可能会破坏该交易，因为可口可乐愿意支付巨额溢价的部分原因，正是汇源强大的品牌形象。

可口可乐的出价为每股12.20港元现金。这几乎是交易宣布前汇源收盘价的3倍。汇源股价昨日收盘下跌2%，至10.30港元，这反映出目前市场担心，该交易将无法完成。

中国商务部还希望可口可乐同意其它许多条件，包括未来在华投资。一位知情人士表示：“如果可口可乐无法拥有汇源品牌，那么很难对该交易的成功完成rial>然而，其他人告诫称，仍有可能达成各方都可接受的解决方案，尽管他们承认时间已经不多了。可口可乐拒绝置评。

商务部本周表示，最迟到本周五，它将就是否延长调查、批准还是拒绝这一收购申请做出决定。该交易的最终期限是3月23日，之后可口可乐有权重新协商收购条款。

出售财团包括汇源创始人兼董事长朱新礼（持有汇源36%股权）和法国的达能(Danone，持有汇源23%股权)。美国私人股本公司华平(Warburg Pincus)持有6.8%的股权。

英文

China's worries over juice brand may sink $2.4bn Coca-Cola deal

Coca-Cola may abandon its proposed $2.4bn takeover of China's leading juice company after anti-trust regulators signalled it would have to relinquish the China Huiyuan Juice brand after the acquisition, according to people familiar with the matter.

The planned deal, the largest ever foreign takeover of a Chinese company, is the first major test of the country's revamped anti-monopoly regime which was given extra teeth last August. Its failure would be a blow to multi-national companies seeking to make acquisitions in China.

Regulators in Beijing have been assessing the anti-trust implications of the deal since it was announced last September and recently told the US company that approval depended on a number of conditions.

People familiar with the matter said that China's ministry of commerce did not want Coca-Cola to acquire the brand rights of Huiyuan, a Hong Kong-listed company that boasts a 42 per cent share of the domestic market in pure fruit juices.

The demand is regarded by some as a potential deal breaker because Coke offered to pay a huge premium partly on the basis of Huiyuan's strong brand image.

Coke's offer is HK$12.20 a share in cash, almost treble that of Huiyuan's last closing share price prior to the announcement of the deal. The shares closed down 2 per cent yesterday at HK$10.30, reflecting ongoing concerns that the deal will not be completed.

The ministry of commerce also wants Coke to agree to a number of other conditions, including future investments in the country. “If Coke can't own the Huiyuan brand it is difficult to be optimistic about a successful completion of this deal,” said one person close to the matter.

However, others cautioned that a solution acceptable to all sides could yet be reached, although they admitted that time was fast running out. Coke declined to comment.

The ministry this week said that it had until Friday to decide whether to extend the probe, or approve or reject the application. The deal has a “longstop” date of March 23, after which Coke has the right to renegotiate the terms.

The selling consortium comprises Zhu Xinli, Huiyuan founder chairman, who owns 36 per cent of the company and France's Danone, which owns 23 per cent. Warburg Pincus, the US private equity firm, owns 6.8 per cent.