China still uncomfortable with foreign ownership or antitrust?

http://tinyurl.com/d6h6b5

China recently rejected Coke's move to acquire its largest beverage makers siting anti-trust reasons. Many think this is due to fear of foreign ownership. However, would the US allow Coke to overtake another large beverage maker? I doubt it. Although, it would've likely resulted in a lucrative business deal--doesn't it prevent some element of competition?