China yesterday rejected a $2.4bn Coca-Cola deal that would have been the country's biggest foreign takeover, stoking fears of protectionism and warnings the decision could scupper Beijing's push to invest in overseas mining companies.
China's ministry of commerce ruled against Coke's proposed acquisition of Huiyuan Juice, the country's leading juice maker, on competition grounds, saying the move would hurt smaller domestic companies and limit consumer choice.
Bankers and lawyers denounced the move as a protectionist measure that would also have negative implications for Chinese investment abroad, notably Chinalco's proposed $19.5bn tie-up with Rio Tinto, the Anglo-Australian miner.
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