Coca-Cola to buy Chinese protein drink company for $400m

Soft drinks behemoth Coca-Cola on Friday said it is to spend $400.5m on a Chinese protein drinks group.

The world's largest beverages company said its Shanghai subsidiary is to acquire Xiamen Culiangwang from Hong Kong-listed China Culiangwang Beverages Holdings for HK$3.104bn in cash.

Xiamen Culiangwang, based in Xiamen in the Fujian province, makes plant-based protein drinks, including green bean, red bean and walnut varieties under the China Green brand.

Sun Shao Feng, the chairman of the China Green Group, said the deal will "further enhance the international recognition of the China Green brand while also favouring the launch of our multi-grain snacks in the future".

The transaction marks Coca-Cola's first attempt to take over a mainland business following the failed acquisition of juice group China Huiyuan Juice in 2009, which was turned down by anti-trust regulators.