China's rejection of Coca-Cola's planned $2.4bn takeover of Huiyuan Juice is based on questionable logic and could be retaliation for previous US protectionism, say competition lawyers.
China's ministry of commerce (Mofcom) stunned bankers, lawyers and investors on Wednesday by blocking the deal, which would have been the largest foreign takeover of a Chinese company. The decision was based on competition grounds, namely that Coke might abuse its dominant position in China's fizzy drinks industry by imposing bundled sales of juice drinks.
Mofcom also said the deal would have had an adverse impact on China's smaller domestic juice makers.
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