Friday October 24, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Coca-Cola HBC to emigrate due to tax problems

 Coke bottler set to leave Greece

By Dimitra Manifava

Just a couple of days after the announcement by dairy giant FAGE that it is moving its headquarters to Luxembourg, Greece’s largest company, Coca-Cola HBC, the world’s second-biggest Coke bottler, said on Thursday that it too would be leaving the country.

Coca-Cola Hellenic will be Hellenic no more as it has finally decided to turn its threats into action and transfer to Switzerland. It will also be listed on the London Stock Exchange, although it will stay on the Athens bourse too.

The company’s Chairman of the Board of Directors George David had referred to the high corporate taxation and unstable tax environment in this country several times in the past. With these two moves, CCHBC is now expecting to increase its credit capacity and draw more funds. After all in 2013 it will have to pay interest that amounts to half a billion euros.

The vehicle for these changes will be the holdings company Coca-Cola HBC AG, set up last month in Switzerland by Kar-Tess Holding, which holds a 23.5 percent stake in CCHBC. This new firm will be the group’s parent company and will submit an optional public offer for the acquisition of the whole of Coca-Cola Hellenic. The shareholders of 60.7 percent have already agreed to the transaction. Once the transfer is complete, CCHBC AG is expecting to receive approval for its listing on the London Stock Exchange in the Premium category. The company will then aim at entering the London market’s blue chip FTSE 100 index.

On the other hand, leading Greek ale producer Athenian Brewery announced on Thursday that not only is it not planning on leaving Greece but that it will start using more Greek raw materials and will double its exports, according to its chief executive officer, Zooullis Mina.

Responding to reporters about the departures of FAGE and CCHBC, Development Minister Costis Hatzidakis said: “I cannot dictate to each company what moves it should make. What we can do beyond the fiscal measures is continue down the road of structural reforms.”

ekathimerini.com , Thursday October 11, 2012 (21:59)  
Tax revenues up by 1 bln euros in 2nd quarter, public sector wages down
ECB bank assessment to show 6-billion-euro capital gap, Citi says
EU says Turkey´s energy hunt off Cyprus is a a ´serious concern´
ECB vies for third time lucky in European stress tests
Heavy rainfall, strong winds cause problems in Attica and beyond
Heavy rainfall and strong winds led to traffic problems and short power outages on Friday as well as flooding dozens of ground-floor and basement homes and stores. The fire service received ...
Greek private workers´ union calls 24-hour strike for November 27
The country's umbrella union representing workers in the private sector, known by its Greek acronym GSEE, on Friday called a 24-hour strike for November 27 to protest austerity measures bein...
Inside News
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
BASKETBALL
Greens succumb to first loss at Bayern
Panathinaikos’s unbeaten run in all competitions came an end on Thursday as the Greek champion lost 81-75 at Bayern Munich for the Euroleague. Bayern is a team that improves every year, and ...
Inside Sports
COMMENTARY
Tension for tension’s sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has – and prevailed – if he had not been so keen to confront a series...
EDITORIAL
Testing ground
The Regional Authority of Attica is a good testing ground for politicians who appear to thrive on accusations to prove whether they can actually solve major problems of a practical nature. T...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Heavy rainfall, strong winds cause problems in Attica and beyond
2. Tax revenues up by 1 bln euros in 2nd quarter, public sector wages down
3. ECB bank assessment to show 6-billion-euro capital gap, Citi says
4. EU says Turkey´s energy hunt off Cyprus is a a ´serious concern´
5. Greek private workers´ union calls 24-hour strike for November 27
6. Finance Minister appeals for support for amendments ahead of vote
more news
Today
This Week
1. Woman killed in tram accident in Floisvo, south of Athens
2. ECB vies for third time lucky in European stress tests
3. Clocks to go back 1 hour on Sunday
4. Venizelos slams Turkey for 'flagrant violation of international law' off Cyprus
5. Cyprus GDP upgrade seen as boosting bailout exit plans
6. ECB bank assessment to show 6-billion-euro capital gap, Citi says
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Coalition shooting itself in the foot
4. Greece must stick to reforms, says Schaeuble
5. At least 11 banks to fail European stress tests, three in Greece, report says
6. Cyprus to block Turkey's EU talks after EEZ violation
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.