The Ministry of Commerce yesterday indicated it might take more time to vet Coca-Cola's US$2.4 billion takeover bid for Hong Kong-listed China Huiyuan Juice Group, potentially extending the tussle over the controversial deal that has triggered strong opposition from the public and domestic players.
The ministry has until Friday to decide whether it will give the green light to the acquisition, submitted in November last year for close anti-monopoly scrutiny, according to official regulations.
But Yao Jian, a spokesman of the ministry, said his agency had the right to postpone the deadline if 'necessitated by changing circumstances'.
The proposed deal has drawn a backlash fuelled by both fair play fears and nationalistic sentiment. If approved, it will be the biggest foreign takeover of a mainland firm.
Speculation is rife that the ministry, under intense pressure from the public and domestic beverage firms, could refer it to the State Council.
Mr Yao said the ministry had finished the first phase of the review and was in the thick of the second and final evaluation. 'The evaluation, carried out in line with antitrust law, involves the assessment of six aspects of the potential impact of the deal, including the merger's influence on competitors as well as on the economy as a whole.'