Coca-Cola China announced on Friday its intention to make a cash offer to acquire 100 percent equity interest of Xiamen Culiangwang Beverage Technology Co Ltd, a producer of plant-based protein drinks sold in China.

Xiamen Culiangwang is owned by Hong Kong-listed China Culiangwang Beverages Holdings Ltd, and the deal is valued at about $ 400 million.

Headquartered in Xiamen, Fujian province, Xiamen Culiangwang's top-selling products include green bean, red bean and walnut variants of plant-based protein drinks, representing a growing beverage category in China, sold under the brand China Green Culiangwang.

"The proposed acquisition is in line with Coca-Cola China's strategy to continue providing a diverse range of beverage products to Chinese consumers," the announcement said. Coca-Cola China has more than 15 brands and offers over 50 flavors of beverage choices to Chinese consumers, including sparkling drinks, juice drinks, tea, drinking water and coffee. Xiamen Culiangwang's products are complementary to Coca-Cola China's current beverage portfolio.

An application needs to be submitted to the relevant government authorities for review in accordance with the relevant procedures, and usually the vast majority of cases are unconditionally approved.

According to local report, the Ministry of Commerce reviewed 996 cases of concentration of undertakings in 2014, among which, 970 were approved unconditionally, accounting for about 97 percent of all cases closed.

The ministry approved 24 cases with conditions while 2 were prohibited, which all together accounts for three percent of all cases closed, a proportion similar to the results of other anti-monopoly enforcement authorities.