China: Coca-Cola to purchase Culiangwang Beverages Holdings Ltd

Coca-Cola is to acquire the Chinese red bean and green drinks maker Culiangwang Beverages, according to a report in Reuters.

Valued at $400.5 million including debt, the deal will reportedly allow Coca-Cola to expand its presence in the multi grain beverages market.

"The proposed acquisition is in line with Coca-Cola China's strategy to continue providing a diverse range of beverage products to Chinese consumers with plant-based protein drinks representing a growing beverage category in China", Coca-Cola said in a statement.

Were the deal to proceed, it would represents the first takeover in China for Coca-Cola, after competition authorities blocked its proposal to buy fruit juice maker Huiyuan in 2010.

Culiangwang Beverages owns and sells beverages and food products under the "Cu Liang Wang" brand and reported sales of 193 milllion yuan ($31 milllion) for the year ending April 2014.

Source: Reuters