CCE considering secondary listing on the London Stock Exchange
Monday 27 September 2010
Coca-Cola Enterprises, which bottles and distributes the world's most popular soft drink, is considering a secondary listing on the London Stock Exchange.
A full float in London, which has been ruled out, would value CCE at about £4bn, comfortably giving it a berth on the FTSE 100.
The company buys concentrate from Coca Cola, making, bottling and distributing the drink on Coca Cola's behalf. Although the two are separate companies, and independently listed on the New York Stock Exchange, Coca Cola is CCE's largest shareholder.
Sources close to the company yesterday denied that a decision on the secondary listing was imminent, but confirmed that it was being considered. "It would only be done in the very long term and even if it does go ahead, it would only every be a secondary listed. It won't be leaving New York," the source said.
Reports over the weekend had suggested that confirmation of the plan could come as early as Friday when CCE's shareholders are likely to approve a plan to sell the company's North American unit to Coca Cola.
The agreement to offload the North American business was announced in February. The $15bn deal will see CCE given an option to Coca Cola's German bottling unit, and take over the soft drinks giant's bottling operations in parts of Scandinavia.
Once the deal is completed, the majority of CCE's assets will be Europe, a point that has led to speculation that a London listing would be more appropriate for the company.
The group employs 4,500 people in the UK, where is also has its European headquarters, in North West London.
CCE says that it produces more than 260 million cases of soft drinks in the UK every year. As well as Coca-Cola, its clients include the makers of Capri-Sun and Appletiser.
elephant appealPrince William signs up for our charity appeal
elephant appealSo says man jailed for cutting off dead elephant's tusks
booksWe examine the best titles for teens
scienceResearchers teach border collie to understand sentences using more than 1,000 words
booksA Christmas story in six parts
travelWill high-value tourism help the workshops of this Renaissance city?
Geoffrey Macnab does not like the comedian's big screen debut
Top PR exec Justine Sacco under fire for sending racist tweet before flying to Africa
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
Ten best places to live in the UK: Hart in Hampshire takes top spot
'Untrue statements' anger over work to make H5N1 bird-flu virus MORE dangerous to humans
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 Top PR exec Justine Sacco under fire for sending racist tweet before flying to Africa
- 2 French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
- 3 Sun will 'flip upside down' within weeks, says Nasa
- 4 The publisher who played with fire: the battle for control of Larsson's £30m legacy
- 5 Police seize possessions of rough sleepers in crackdown on homelessness
- < Previous
- Next >
iJobs Money & Business
£59999 - £80001 per annum + Benefits: Pro-Recruitment Group: A Top 10 firm in ...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Project Manage...
£60000 - £90000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£Negotiable: Citifocus: High calibre individual with institutional client serv...