Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/12/2012 (2 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 (2 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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

'Enough with all the rules' firework industry calls out to Obama Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

This year, more states have allowed people to buy pyrotechnic materials, such as sparklers and Roman Candles. In fact, this year has been wonderful for fireworks manufacturers, since the projected 2015 sales of celebratory explosives are estimated to top $1 billion. ... continue reading


Whole Foods accused of greatly overcharging customers Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Whole Foods, the American foods supermarket chain that specializes in organic goods, has been accused of massive overcharging. The New York City Department of Consumer Affairs explained they have discovered "systematic overcharging for pre-packaged foods" at the city's ... continue reading


Strange and powerful 'boat swallowing' vortex appears in Lake Texoma Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

A strange, giant vortex, estimated to be around 8-feet in diameter, has appeared in Lake Texoma. This occurrence is surprising and perhaps threatening. However, there is an explanation. MUNTUNLUPA, PHILIPPINES (Catholic Online) - Lake Texoma is known as one of the ... continue reading


Is it time to stash money under mattress? 'It's time to hold physical cash,' fund manager says Watch

Image of Ian Spreadbury declined to predict the exact trigger but said it was more likely to happen in the next five years rather than 10.

By Catholic Online (NEWS CONSORTIUM)

Is it time to cash your paycheck and then stick it into a hatbox for a rainy day? According to British fund manager Ian Spreadbury, who invests more than £4 billion of investors' money is gravely concerned that a "systemic event" could rock markets. The upset ... continue reading


In spite of strong showing, Ron Paul predicts Apocalypse on Wall Street Watch

Image of Ron Paul has predicted economic doomsday previously. As stocks continue to make new highs, he remains just as convicted as ever that there

By Catholic Online (NEWS CONSORTIUM)

Things seem to be on an even keel right now but according to former Representative Ron Paul, the Federal Reserve's easy money policies have left stocks and bonds are on the verge of a massive collapse. LOS ANGELES, CA (Catholic Online) - "I am utterly amazed at ... continue reading


The U.S. public is asked - Which woman do YOU want to see on the new $10 bill? Watch

Image of The new $10 bill will also include a

By Catholic Online (NEWS CONSORTIUM)

It's a question being posed to the American public... which American woman do they want to see on the new $10 bill? The revamped $10 bill will go into effect in the year 2020. U.S. Treasury Secretary Jack Lew wants the next generation of U.S. currency to ... continue reading


Who gave them the right to freeze the national debt? Watch

Image of Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner and other congressional leaders in March that informed them that he was planning to declare a

By Catholic Online (NEWS CONSORTIUM)

There is such a thing as taking a "bull by the horns," but one wonders who granted them this extraordinary power. Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner and other congressional leaders in March that informed them that he was ... continue reading


Denied for faith: Arizona man allegedly rejected from job for being an 'obese Christian' Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

After being rejected from a job at a web hosting company, a man received an email that allegedly had an attachment where he learned the reasons why he wasn't accepted. According to his statements, he was rejected because of his faith and his weight, as stated in the ... continue reading


'We're in for a huge change in society,' billionaire Cartier owner declares Watch

Image of Nicknamed

By Catholic Online (NEWS CONSORTIUM)

Johann Rupert, the executive chair of luxury brand company Richemont in South Africa has a sobering view of the future. Making billions peddling Cartier jewelry and Chloe fashion, Rupert says that the tension between the rich and poor is set to escalate as ... continue reading


14 years after 9/11, One World Trade Center lacks the bustle of the old Twin Towers Watch

Image of The new One World Trade Center lacks the bustle of the old, with a third of its office space remaining empty.

By Matt Waterson (NEWS CONSORTIUM)

Following the aftermath of the September 2001 attacks in New York, Larry Silverstein, the property developer who had bought the lease to the World Trade Center for more than $3 billion, vowed he would rebuild. LOS ANGELES, CA (Catholic Online) - Almost a decade ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

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

Daily Readings

Reading 1, Ezekiel 2:2-5
2 As he said these words the spirit came into me and ... Read More

Psalm, Psalms 123:1-2, 2, 3-4
1 [Song of Ascents] I lift up my eyes to you who are ... Read More

Gospel, Mark 6:1-6
1 Leaving that district, he went to his home town, ... Read More

Reading 2, Second Corinthians 12:7-10
7 Wherefore, so that I should not get above myself, I ... Read More

Saint of the Day

Saint of the Day for July 5th, 2015 Image

St. Anthony Mary Zaccaria
July 5: Cofounder of the Barnabites. Born in 1502 in Cremona, Italy, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter