【The Australian】Chief of Chinese company squeezes juice firm for $23m

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Chief of Chinese company squeezes juice firm for $23m        
http://www.theaustralian.news.com.au/business/story/0,28124,25849960-36418,00.html         
           
Michael Sainsbury, China correspondent | July 29, 2009               
Article from: The Australian                                                

HUIYUANJuice Company -- the giant beverage group that was the target of a$US2.4 billion ($2.8bn) takeover by Coca-Cola in March -- has announcedit will buy milk beverage assets from a company controlled by itschairman, Zhu Xinli.

In March, Chinese regulators, using largely untested new anti-trust regulations, blocked Coca-Cola's bid.

The Huiyuan Juice Group, which is listed on the Hong Kong stockmarket, said it had agreed to buy the assets for 131.3 million yuan($23m), as part a strategy to build up its business and diversify itsproduct mix after Coke's bid was rejected. Huiyuan will help fund thepurchase by selling another unit to another group controlled by Mr Zhu.

The move come amid continued consolidation in China's food andbeverages sector, which has seen a number of major deals this year,particularly in the beer sector.

The Chinese appear to be learning fast from sometimes questionable Western business practices.

Australian investors are familiar with the related party transaction-- perhaps the most notable in recent years being the sale to the nowdefunct Allco Finance Group of Rubicon, a company controlled by Allcodirector Gordon Fell for $327m.

The transaction was a major -- if not the main -- contributor toAllco's collapse. Mr Fell and Allco chief David Coe both pocketed tensof millions in cash from the deal while shareholders lost all theirmoney.

Not that Huiyuan, as China's biggest juice maker, is likely to fallover. Still, it will buy the milk assets -- including properties,equipment and inventory -- from Shandong Zibo Huiyuan Food &Beverage Company, which Mr Zhu controls.

Mr Zhu owns 36 per cent of the main Huiyuan Juice Company whileFrance's Groupe Danone owns 23 per cent and US private-equity firmWarburg Pincus owns 6.8 per cent.

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楼主，能给个原文链接么？