Warburg Pincus, the US private equity fund, has exited its investment in China Huiyuan Juice, becoming the first major shareholder to pull out of the company following the collapse of Coca-Cola's $2.4bn takeover offer.
Warburg Pincus had declined to exercise an option to swap its convertible bonds for a 7 per cent equity stake in China's leading juice maker, people familiar with the matter said.
Warburg Pincus and France's Danone made cornerstone investments in Huiyuan months ahead of its Hong Kong listing in February 2007. Each stood to collect lucrative returns had Coke's bid succeeded.
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