Coke to buy China multi-grain drinks maker for $400 million

Coca-Cola Co (KO.N) has agreed to buy the beverage business of China Culiangwang Beverages Holdings Ltd for $400.5 million (266.7 million pounds) including debt, to get a foothold in the fast growing multi-grain drinks category. The deal marks Coke's first takeover in China since the country's antitrust regulator blocked its bid to buy local fruit juice maker Huiyuan in 2010. Following the disposal of the beverage business, China Culiangwang will continue to develop its consumer products business, the company said in a stock exchange statement. Coke is paying a premium to China Culiangwang's market value of $230 million.

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