Austerity moves behind Coca Cola Hellenic's London switch
Greece's biggest company has warned of mounting eurozone pressures ahead of its new year switch to the London Stock Exchange.
Coca Cola Hellenic, which bottles the fizzy, caffeinated drink in 28 countries from Russia to Ireland, announced flat, third-quarter net profit of €156m (£124m) yesterday, after violent scenes in Athens.
These followed the Greek government's announcement of its most draconian austerity measures yet to qualify for a new, eurozone bailout. These moves were a major factor behind Hellenic's decision to relocate to Switzerland and move its primary listing to the FTSE 100 index.
The chief executive Dimitris Lois believes the company, which is part-owned by Coca-Cola, has been undervalued as a result of Greece's economic dramas. He said: "It [London] will give us access to the largest pool of international investors, on the most liquid equity market in Europe providing flexibility to fund our future growth on competitive terms."
Greece accounts for only 5 per cent of Hellenic's business and its shareholder base is mainly international. However, the group accounts for about one-fifth of the Athens Stock Exchange.
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...