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Coca-Cola's takeover offer for Huiyuan Juice will serve as a testing stone of mainland policies on acquisitions of domestic assets by overseas companies, at a time when protection of local industries becomes an increasingly important focus on the mainland, analysts and academics said.

The $2.4-billion cash offer was the largest takeover attempt for an industry leader on the mainland since the Anti-Monopoly Law took effect in August, 2007.

"The deal will be a milestone, whether it gets through or not," said Linus Yip, a strategist at First Shanghai Securities.

The outcome will provide hints of the mainland government's attitude toward foreign takeovers and offer valuable lessons to overseas firms eager to tap the mainland market via acquisitions, he said.

Another analyst said the Huiyuan deal will test the central government's attitude toward "not so critical" industries such as food processing and the consumer sector.

Through past deals, it was rather clear that the mainland is reluctant to approve acquisitions crucial to the national economy. Such sectors may include telecom, energy and heavy industry, said Ben Kwong, head of research at KGI Asia.

In March, mainland authorities killed US private equity monster The Carlyle Group's attempt to buy a controlling stake of leading heavy machine maker Xugong, a move criticized as a "step back".

Kwong said the handling of the Huiyuan deal may reflect the mainland government's tendency to strike a balance between the nation's economic openness and security.

Overseas companies have acquired some locally-established brands over the past few years and eventually drove the local companies out of the market, said Mei Xinyu, a researcher at Beijing-based Chinese Academy of International Trade and Economic Cooperation. The practice prompted concerns on the mainland over the protection of local industries.

While overseas acquisitions are now easier with the development of the mainland's economy and stock market, scrutiny of deals involving industry leaders is tight at the same time, he added.

"Huiyuan's case is one of the latter, and will reflect the government's mindset on such deals," he said.

(HK Edition 09/05/2008 page3)