Source:
BloombergMarch 20 (Bloomberg) -- China dismissed concerns its rejection of a Coca-Cola Co. acquisition will prompt retaliation, as an Australian lawmaker said the move supports his campaign to block a $19.5 billion Chinese investment in Rio Tinto Group.
“No, I’m not worried,” Vice Commerce Minister Chen Jian said at a briefing in Beijing today, when asked whether other nations would block Chinese investment. “We made our decision based on our antimonopoly law. Other countries have their laws and regulations which they will follow.”
The blocking of Coca-Cola’s $2.3 billion bid for China Huiyuan Juice Group Ltd., which would have been the biggest foreign takeover of a Chinese company, may give ammunition to opponents of the country’s acquisitions. Barnaby Joyce, an Australian opposition senator who has pushed for a review of foreign-investment laws in the wake of the Rio deal, said the Coca-Cola ruling is evidence of protectionism by China.
“Its refusal of the Coca-Cola bid shows that China wants to protect its own people,” said Joyce. “These are interesting times for trade between our countries and this decision shows that China is being protectionist but wants Australia to offer up its important assets for a quick sale.”
Read more:
http://www.bloomberg.com/apps/news?pid=20601080&sid=a85cnySRVtLo&refer=asia