Coca-Cola to buy China juice maker for $2.4 billion

US soft drinks giant Coca-Cola said today it planned to buy Chinese juice maker Huiyuan Juice Group in a$2.4 billion deal that would be its biggest acquisition in China.

Coca-Cola will offer 12.20 Hong Kong dollars ($1.6) per share in Hong Kong-listed Huiyuan, it said in a statement, adding that three shareholders holding a total of 66 %in the company had accepted the offer.

"It is the largest proposed transaction in China and the second largest for the Coca-Cola Company," the company said in an email Coca-Cola said it intended for Huiyuan, one of China's best-known juice brands, to carry on its business, but that it would later review its operations.

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Idea, Spice close to deal

Almost a year after the talks between Idea Cellular and Spice Telecom failed, the companies are again close to a deal. On Thursday and Friday, BK Modi and Kumar Mangalam Birla’s teams were working to narrow the difference on valuations. While BK Modi , chairman, Spice Communication, has quoted a price of Rs 2,000 crore . Idea wants the deal at Rs 1,500 crore.

According to sources, Modi , who holds an equity stake of 40.8% in Spice Communications, wants to sell his majority share holdings in the Rs 1,000 crore. Spice Telecom at Rs 70 per share. But Idea Cellular, the country’s fourth largest GSM player, has stuck to a valuation of Rs 50-55 per share.

It is learnt that Telecom Malaysia, which holds 39.2% equity in Spice Telecom, has given a go ahead for the deal to Idea. Sources said that Telecom Malaysia would also get cash compensation if the deal falls through. However, no company officials were available to confirm the position.

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