The AP reports:
China denied Coca-Cola Co.'s closely watched $2.5 billion bid to buy a major Chinese juice producer Wednesday, highlighting Beijing's rejection of foreign control over its top companies even as they step up acquisitions abroad.
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Coca-Cola's acquisition of Huiyuan Juice Group Ltd. was rejected because it would reduce competition and raise prices, the Commerce Ministry said. But the bid also provoked an outcry from nationalists who opposed letting a successful Chinese brand fall into foreign hands.
