Greece's biggest company, bottler CCH, set to leave for Switzerland
October 12, 2012, 1:36 pm TWN
ATHENS -- Greece's biggest company is leaving the country, drinks bottler Coca-Cola Hellenic (CCH) said on Thursday in announcing it will move to Switzerland and list its shares in London, dealing a blow to the debt-crippled Greek economy.
The material impact on Greece may be limited — its Greek plants will go on working and CCH said the 5 percent of its business that the world's second-ranked Coke bottler has in Greece will be unaffected. But analysts quickly saw it as bad news for a nation struggling to compete inside the eurozone.
Coca-Cola Hellenic, which already has secondary stock market listings in London and New York, said in a bourse filing in Athens that shareholders, most of whom are abroad, will exchange all their stock for shares in Coca-Cola HBC AG, based in Switzerland. That stock will have its primary quote in London.