WSJ on CCH move to Switzerland

Bottler Spills Out of Athens - Biggest Company Departs; 'De-Greeking' Coca-Cola Hellenic Amid Debt Crisis


Coca-Cola Hellenic, which bottles juice and soft drinks in 28 countries, joins a spate of companies seeking ways to shed the risks associated with Europe's indebted southern rim and, in particular, to overcome the difficulties of raising money in financially-crippled countries. The move by Coca-Cola Hellenic also is a major blow to the Athens stock market, which is languishing at 20-year lows amid Europe's debt crisis, now well into its third year. The company, which is the second-biggest bottler of products by Coca-Cola Co., represents about a fifth of the exchange's capitalization, up from about 5% in 2009. ... Coca-Cola Hellenic was prodded to move after rating firms downgraded its credit this summer to three notches above "junk" level, citing the risk that Greece could exit the 17-nation euro zone. The downgrade came despite the group's strong financial profile: Atlanta-based Coca-Cola owns 23% of the company, which earns 95% of its revenues outside Greece.
Comment: Article may be behind Wall Street Journal paywall.

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