Coca-Cola's HK$17.9bn (US $2.3bn) bid for China Huiyuan Juice sent shares in the Hong Kong-listed beverage company surging yesterday.
The stock closed at HK$10.94, up 164 per cent from Tuesday's close and its highest level for more than a year, but still below the HK$12.20 a share Coca-Cola had agreed to pay. More than 220m Huiyuan shares changed hands, making it the day's most actively traded stock.
The unexpected takeover bid enlivened trading in Hong Kong on what was otherwise a bad day for the market. The Hang Seng index fell 2.2 per cent to a two-week low of 20,585.06 and the main sub-index of mainland companies listed in the territory shed 3.3 per cent to 11,076.83.
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