Goldman banker brands Beijing’s Coke veto naïve

The commerce ministry’s decision to reject Coca-Cola’s US$2.3 billion takeover bid for China Huiyuan Juice will hurt its economy in the long run, Goldman’s co-head of M&A Richard Campbell-Breeden warned at a forum in Hong Kong last night. Foreign firms will have to learn to cope with the government’s protectionist agenda, added Nicholas Norris of law firm Skadden, Arps, Slate, Meagher & Flom.