Friday Jul 25, 2014 Search
Weather | Athens
32o C
23o 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, Greeces largest company, Coca-Cola HBC, the worlds 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 companys 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 groups 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 markets 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)  
Troika concludes review in Cyprus
Bank deposits rise for fourth straight month in June
Aegean Airlines resumes flights to Tel Aviv
Draghi safety net becoming blindfold as bonds soar
Greeks less satisfied with their lives, survey shows
While three quarters of Europeans (75 percent) are satisfied with their lives, only 42 percent of Greeks appear satisfied with their personal situation (compared to 58 percent in autumn 2013...
Godfather, 35, shot at Karditsa christening dies
A 35-year-old man who was being treated in an intensive care unit at the general hospital of Larissa, central Greece, for gunshot injuries suffered at christening last Sunday, died on Friday...
Inside News
SOCCER
Ranieri signs two-year deal to coach Greece
Italian Claudio Ranieri has signed a two-year deal to manage the Greek national team, the Hellenic football federation said on Friday. The 62-year-old Ranieri takes over from Fernando Santos...
TRACK & FIELD
Athens, the Marathon capital of the world for good
Paco Borao, the man who restored Athens as the Marathon capital of the world with the establishment at the Olympic Sports Center of the headquarters of the International Association of Marat...
Inside Sports
COMMENTARY
Forty years of shortsighted party policies
It is 40 years since the restoration of democracy, and the two main parties which were established in 1974 and determined the countrys fate since then are unable to act their age. For decad...
EDITORIAL
Putting the past behind us
Democracy was restored in Greece 40 years ago and the country owes a debt to Constantine Karamanlis for handling the transition and anchoring the country firmly in the safe port of Europe wi...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greeks less satisfied with their lives, survey shows
2. Ranieri signs two-year deal to coach Greece
3. Troika concludes review in Cyprus
4. Godfather, 35, shot at Karditsa christening dies
5. EOPYY removes medical tests as part of streamlining efforts
6. Bank deposits rise for fourth straight month in June
more news
Today
This Week
1. Draghi safety net becoming blindfold as bonds soar
2. Greek coast guard picks up 77 migrants off Myconos
3. Aegean Airlines resumes flights to Tel Aviv
4. Police report points to less crime in 2014
5. Thousands of dead fish surface in Lake Pamvotis
6. EOPYY removes medical tests as part of streamlining efforts
Today
This Week
1. Greece seen in third bailout as bonds not enough, economists say
2. Climber dies in Mount Olympus fall
3. Greek sovereign debt at 174.1 percent of GDP in first quarter
4. Unequal after death
5. Greek banks able to tap investors after stress tests, HFSF Says
6. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.