on 3 september 2008, atlantic industries, a wholly owned subsidiary of the coca-cola company, agreed to buy china huiyuan juice for hk$17.9 billion at hk$12.20 per share, three times more than its closing price of hk$4.14 on the previous day. its shares closed at hk$10.94 on that day. the proposed takeover was subject to anti-monopoly review by the chinese ministry of commerce, which was scheduled to finish on 20 march 2009. on 17 march, it was reported that coca-cola was considering abandoning the deal, as chinese authorities insisted on relinquishing the huiyuan brand name after acquisition. on 18 march, the ministry of commerce disallowed the bid, citing market competition concerns.