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 July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Business & Economics

Islamic State attempts to replace the U.S. dollar with gold coins Watch

Image of A five denar piece featuring a picture of seven wheat stalks, representing the

By Kenya Sinclair (NEWS CONSORTIUM)

The Islamic State has announced it will be producing gold currency with the goal of weakening the dollar. LOS ANGELES, CA (Catholic Online) - A video posted Saturday, August 29th by the Islamic State warns that replacing the dollar will be "the second blow to America's ... continue reading


Art collectors seek liquidity as market plummets Watch

Image of Picasso piece auctioned for a record $179.4 million.

By Atarah Haely (NEWS CONSORTIUM)

Inquiries about art loans reportedly increased after global equities plunged. The unfortunate event led many to view their collections as assets and investment to cash-in.  MUNTINLUPA, PHILIPPINES (Catholic Online) - Bloomberg Business reports many collectors and ... continue reading


BIRTHING PAINS - America on brink as markets plunge Watch

Image of Market collapse is just one of many signs that the end is approaching. What comes next?

By David Drudge, Catholic Online (NEWS CONSORTIUM)

The U.S. stock market opened with a bang on Monday, and it appears to be the same sound you hear when something catastrophic happens to your engine. Several commentators have already dubbed the day, "Black Monday" as the market appeared to be on track for its largest ... continue reading


FINALLY: Researchers reveal that sex does not sell Watch

Image of Sex and violence is not an edge in advertising.

By Linky C. (NEWS CONSORTIUM)

Maybe sex doesn't sell after all. This is what studies reveal in a recent academic journal released by the Psychological Bulletin. MUNTINLUPA CITY, PHILIPPINES (Catholic Online) - Violence and sex in commercials does not appear to sell anymore. Compared to themes and ... continue reading


3 great tips on how to spot an online purchasing scam Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

With a growing population of people having internet access worldwide, there are a lot of businesses outsourced from the World Wide Web. Online shops sprout left and right because of easy access and an almost free platform, but limits in security are present. If ever ... continue reading


BLEEDING U.S. DRY: Federal taxes draining as much as $17,955 per worker Watch

Image of Tax revenues are about $183,397,970,000 in constant 2015 dollars from the $2,489,016,030,000 in revenue that the Treasury collected for 10 months in fiscal 2014.

By Catholic Online (NEWS CONSORTIUM)

They are bleeding the U.S. - and us, dry with massive amounts of taxation. The federal government collected a record of approximately $2,672,414,000,000 in tax revenues through the first ten months of fiscal 2015. And yet - that national deficit just keeps on getting ... continue reading


National debt frozen at $18,112,975,000,000 for 150 days Watch

Image of Treasury Secretary Jacob Lew explained in a letter dated March 13 that some steps the Treasury would take during the debt issuance suspension period.

By Catholic Online (NEWS CONSORTIUM)

Treasury Secretary Jacob Lew has sent out a letter to Congressional leaders telling them that he was extending a "debt issuance suspension period" through October 30. The amount of the federal debt subjected to a legal limit set by Congress closed on Monday, August 10, ... continue reading


America needs Catholic leadership now, and here's how you can make it happen Watch

Image of Rallies have erupted across the country blaming the wealthy for the plight of the poor, but the truth is, everyone is to blame. Regardless of blame, it's time to talk about what to do, and that talk should be informed by Catholic teaching.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

The stock market is poised for a collapse and that's not a good thing for American jobs. As growth slows and the risk of another recession looms, Americans are left to wonder where the good times have gone.  LOS ANGELES, CA (Catholic Online) - Americans are barely ... continue reading


Pope's environmental encyclical clashes with Catholic Church's investments in oil Watch

Image of The pope's encyclical has prompted debate in Catholic organizations and other churches about divestment. To date, many major American dioceses have resisted the push.

By Catholic Online (NEWS CONSORTIUM)

It's a conflict of interest that concerns many. Pope Francis, with the release of his encyclical, called attention to world ecology and how much climate change - as well as the exploitation of the poor, hinges on "highly polluting fossil fuels." While this is ... continue reading


Print Struggles: Internet becomes United States' Number One source for news Watch

Image of Newspapers in seeing the digital revolution have now since gone online.

By Catholic Online (NEWS CONSORTIUM)

When people in the United States want to hear about what's breaking in the news - they turn not to newspapers or TV, but online news sources. The immediacy of online news and its ability to instantly update stories while they happen has many other forms of mass ... 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, Colossians 1:9-14
9 That is why, ever since the day he told us, we have ... Read More

Psalm, Psalms 98:2-3, 3-4, 5-6
2 Yahweh has made known his saving power, revealed ... Read More

Gospel, Luke 5:1-11
1 Now it happened that he was standing one day by the ... Read More

Saint of the Day

Saint of the Day for September 3rd, 2015 Image

Pope Saint Gregory the Great
September 3: St. Gregory, born at Rome about the year 540, was the son of ... 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