Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/12/2012 (3 years ago)

Catholic Online (www.catholic.org)

Coca Cola plants will continue to operate, however

In yet another blow to an economically distressed nation, Coca Cola Hellenic, Greece's largest company has announced this week that it will be leaving the country. Coca Cola's bottling plants there will continue to function. The company also said that the five percent of its business that the world's second-ranked Coke bottler has in Greece will be unaffected. But many analysts say this is grim news as Greece struggles to compete inside the euro zone.

One analyst speaking on the condition of anonymity says that the move makes perfect sense.  CCH was out to rid its share price of risks associated with Greece as the nation remains bogged down in recession.

One analyst speaking on the condition of anonymity says that the move makes perfect sense. CCH was out to rid its share price of risks associated with Greece as the nation remains bogged down in recession.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/12/2012 (3 years ago)

Published in Business & Economics

Keywords: Coca Cola Hellenic, Greece, Switzerland, bottling, eurozone


LOS ANGELES, CA (Catholic Online) - Coca Cola Hellenic or CCH says it will now move to Switzerland and list its shares in London.

CCH, which already has secondary stock market listings in London and New York said in a bourse filing in Athens that shareholders, most of them abroad, will exchange all their stock for shares in Coca Cola HBC, based in Switzerland and that the stock will have its primary quote in London.

"A primary listing on Europe's biggest and most liquid stock exchange reflects better the international character of Coca Cola Hellenic's business activities and shareholder base," the company said in a statement.

The Coca-Cola Company of the United States has a 23-percent stake in CCH. The company ships bottles of Coke and other drinks in 28 countries from Russia to Nigeria. About 95 percent of its shareholders and business activity are outside Greece.

"This transaction makes clear business sense," chief executive Dimitris Lois told analysts. An overwhelming majority of shareholders have already accepted moving a company which has long complained about Greek taxes.

Analyst Manos Hatzidakis of Beta Securities in Athens said that the move made sense for the firm, which follows Greek dairy group FAGE, which is also seeking a low-tax, low-volatility haven for its corporate base in Luxembourg.

"The Greek bourse is losing a very good company and the London Stock Exchange is gaining a very important group," Hatzidakis says. "It's very bad news for the Greek economy and bourse."

One analyst speaking on the condition of anonymity says that the move makes perfect sense.  CCH was out to rid its share price of risks associated with Greece as the nation remains bogged down in recession. There is also widespread mass discontent among the Greek population as its leaders slash budgets to meet international creditors' terms for loans intended to keep Athens inside Europe's single currency.

"This is a healthy company that does not want to suffer from Greece's high country risk," the analyst said.

Foreign investors have been steadily reducing their investment in the Athens Stock Exchange since the country was engulfed by the sovereign debt crisis in 2009. Greece's future in the 17-nation euro zone still remains in doubt.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for February 2016
Universal:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Evangelization: That married people who are separated may find welcome and support in the Christian community.



Comments


More Business & Economics

ECONOMIC DISASTER LOOMS: Wave of bankruptcies threaten global stability Watch

Image of A leading monetary theorist, William White says that the

By Catholic Online (CALIFORNIA NETWORK)

Waves of bankruptcies worldwide will severely test the world's economic and social stability, Swiss-based chair William White warns. A leading monetary theorist, White says that the "situation is worse than it was in 2007. Our macroeconomic ammunition to fight ... continue reading


Here's what they're really talking about at Davos -- it's not what they want you to think Watch

Image of The world economy is about to tank, or so it seems from the talk at Davos.

By David Drudge (CALIFORNIA NETWORK)

The agenda for Davos is about the future, and is intended to be optimistic, but discussion between the attendees is worrisome as they focus on serious, near-term financial threats. The world economy is on the brink and there are few tools left to fight recession. LOS ... continue reading


GRIM FORECAST: What jobs will be lost in the next FIVE years? A new report has shocking bad news for YOU Watch

Image of The Fourth Industrial Revolution will create a lot of casualties. How are we to cope?

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

A new paper released ahead of the World Economic Forum in Davos predicts that women in particular are at serious risk of losing their jobs within the next several years due to the emergence of new technology. The changes in the marketplace will hit wealthy countries ... continue reading


Retail giant Wal-Mart closing 269 stores in U.S. and Brazil Watch

Image of Of the closures announced Friday, 154 locations will be in the U.S., including the company's 102 smallest-format stores called Wal-Mart Express.

By Catholic Online (CALIFORNIA NETWORK)

Wal-Mart, the uncontested retail giant is just as susceptible to the difficulties of market demands as anybody else is. Wal-Mart has announced that it will be closing 269 markets in both the United States and Brail, the latter the result of a souring economy. ... continue reading


More than $5,000 in taxes collected for every U.S. worker - government still IN DEFICIT Watch

Image of There were 147,439,000 people employed in the United States in December 2014.

By Catholic Online (CALIFORNIA NETWORK)

In what should come as no surprise - tax revenue generated for the first three months of fiscal 2016 -- October through December of 2015 - set an all time record. This did not translate in a reduction of the federal deficit. The Internal revenue Service ... continue reading


U.S. economy to suffer because of China collapse Watch

Image of Chinese markets slid on Thursday, forcing a shutdown.

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

Another day of losses has hit markets around the globe, starting with a slide so fast and so deep in the Chinese markets that trading was halted. The ripples of the Chinese collapse are being felt around the world with U.S. markets dropping at least 1 percent. LOS ... continue reading


World's richest will meet in Davos, to decide how best to DISPOSE of you Watch

Image of The language of the forum is very benevolent, but make no mistake, the people gathering there don't have your best interest in mind. If they did, the world would be a much different place --and they wouldn't need snipers.

By Marshall Connolly, Catholic Online (THE CALIFORNIA NETWORK)

The Davos men are coming, and guess what's on their agenda? How they will carve up the new world created by the Fourth Industrial Revolution. LOS ANGELES, CA (California Network) - Known formally as the World Economic Forum, the annual meeting of the world's most ... continue reading


NOT-SO FUNNY MONEY: Weird currency in Israel collages American $100 bills with jihadist leaders Watch

Image of Israeli police are investigating the origin of the bills, which was being sent for a forensic analysis.

By Catholic Online (CALIFORNIA NETWORK)

Odd "play money" that collages the American $100 bill with photos of jihadist group leaders have been discovered in northern Israel. Discovered in the northern Israeli town of Sde Eliezer, authorities are stumped to the bills' origin and purpose. LOS ANGELES, ... continue reading


Greedy CEO loses $500 million in failing Obamacare investment Watch

Image of The CEO of United Healthcare invested in ObamaCare last year and will reportedly lose $500 million

By Kenya Sinclair (CALIFORNIA NETWORK)

In 2014, United Healthcare CEO Stephen Hemsley invested in ObamaCare. Today, he realized the decision would cost an estimated $500,000,000 over the next two years. LOS ANGELES, CA (Catholic Online) - By investing in ObamaCare, United Healthcare was able to lower ... continue reading


Three BILLION barrels of excess oil available now - but is this a good thing? Watch

Image of Inflated inventories and oil wealth has spread globally, from the United States to the developed economies of Europe, and now China, according to the agency.

By Catholic Online (CALIFORNIA NETWORK)

With the price of gas comfortably lower than $3 a gallon at many gas pumps across the land, consumers are enjoying a price break. The reason behind this windfall is largely because there are now more than three billion barrels of excess oil in the world. This ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Take this thought provoking Stations of the Cross survey
  • Daily Readings for Wednesday, February 10, 2016
  • Stations of the Cross - Fourth Station: Jesus meets his mother HD Video
  • Can you answer these four challenging questions about Lent?
  • Palm Sunday HD Video
  • 10 important things to consider during Lent
  • St. Scholastica: Saint of the Day for Wednesday, February 10, 2016

Daily Readings

Reading 1, Joel 2:12-18
12 'But now -- declares Yahweh- come back to me with all your heart, ... Read More

Psalm, Psalms 51:3-4, 5-6, 12-13, 14, 17
3 For I am well aware of my offences, my sin is constantly in ... Read More

Gospel, Matthew 6:1-6, 16-18
1 'Be careful not to parade your uprightness in public to attract ... Read More

Reading 2, Second Corinthians 5:20--6:2
20 So we are ambassadors for Christ; it is as though God were urging you ... Read More

Saint of the Day

Saint of the Day for February 10th, 2016 Image

St. Scholastica
February 10: St. Scholastica, sister of St. Benedict, ... Read More